On 15 January 2020, Dell & Co. sold land that cost P90,000 for P120,000. The balance of the land account was P700,000 at the beginning of the year and P900,000 at the end of the year. All land acquisitions were paid in cash. What is the amount paid (cash outflow) for the acquisition of land during 2020? P0 P200,000 P290,000 P320,000
On 15 January 2020, Dell & Co. sold land that cost P90,000 for P120,000. The balance of the land account was P700,000 at the beginning of the year and P900,000 at the end of the year. All land acquisitions were paid in cash. What is the amount paid (cash outflow) for the acquisition of land during 2020? P0 P200,000 P290,000 P320,000
Chapter3: Income Sources
Section: Chapter Questions
Problem 43P
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On 15 January 2020, Dell & Co. sold land that cost P90,000 for P120,000. The balance of the land account was P700,000 at the beginning of the year and P900,000 at the end of the year. All land acquisitions were paid in cash. What is the amount paid (cash outflow ) for the acquisition of land during 2020?
P0
P200,000
P290,000
P320,000
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