The Italian Bread Company purchased land as a factory site for $70,000. An old building on the property was demolished, and construction began on a new building. Costs incurred during the first year are listed as follows:

Demolition of old building $9,000
Sale of salvaged materials (1,100)
Architect fees (for a new building) 20,000
Legal fees (for title investigation of land) 3,000
Property taxes on the land (for the first year) 4,000
Building construction cost 600,000
Interest cost related to the construction 23,000
Required:

Determine the amounts that the company should record in the Land and the Building accounts.

Suppose an economist believes that the price level in the economy is directly related to the money supply, or the amount of money circulating in the economy. the economist proposes the following relationship: p=a x m - p=price level - m=money supply - a=a composite of other factors, including real gdp, that change very slowly over time. how might an economist gather empirical data to test the proposed relationship between money and the price level? an economist would persuade the federal reserve to change the money supply to various levels, and observe the resulting changes in the price level. unlike researchers in the hard sciences, economists cannot study complex relationships using data. economists do not usually develop theoretical models of the economy but only analyze summary statistics about the current state of the economy. an economist would look for data on past changes in the money supply, and note the resulting changes in the price level

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Afarmer is an example of what kind of producer?