a) Explain the difference between a transactional leader and a transformational leader. B) Is one type always better than the other? C) If so, why? If not, why not? Give an example of a situation
Answers
a) A transactional leader focuses on exchanges and rewards based on performance, while a transformational leader inspires and motivates followers to achieve higher levels of performance and embrace a shared vision. b) No, one type is not always better than the other. c) Because both have their strengths and weaknesses, and their suitability depends on the situation.
a) Transactional Leader vs. Transformational Leader:
Transactional Leader, A transactional leader focuses on the exchange or transaction between the leader and the followers. They primarily use contingent rewards and punishments to motivate their followers. Transactional leaders set clear expectations, establish goals, and provide rewards or punishments based on performance. They operate within existing systems and structures and tend to maintain the status quo.
Transformational Leader, A transformational leader, on the other hand, inspires and motivates their followers to achieve higher levels of performance. They create a vision, communicate it effectively, and empower their followers to embrace the vision. Transformational leaders foster a sense of trust, encourage innovation and change, and promote personal growth and development. They go beyond transactional exchanges and inspire followers to transcend their self-interests for the greater good.
b) One type always better than the other?
No, one type is not always better than the other. The effectiveness of leadership style depends on various factors, including the context, organizational culture, follower characteristics, and goals of the organization.
c) Why or why not?
Both transactional and transformational leadership styles have their strengths and weaknesses, and their suitability depends on the situation.
Transactional leadership can be effective in stable environments where routine tasks and clear expectations are essential. It works well in situations that require adherence to established processes and procedures. For example, in manufacturing or assembly line settings, where efficiency and meeting specific targets are crucial, transactional leadership can be effective.
Transformational leadership is effective in situations that require change, innovation, and adaptation. It can inspire followers to embrace a shared vision and achieve higher levels of performance. In dynamic and uncertain environments or when dealing with complex challenges, transformational leadership can be more effective. For example, in a startup company aiming to disrupt an industry, a transformational leader can motivate employees to embrace a culture of innovation and take risks.
It's important to note that leadership is not a one-size-fits-all concept. Effective leaders often exhibit a mix of transactional and transformational qualities, depending on the specific needs of the situation. Adaptive leadership is about assessing the context and employing the most appropriate leadership style or combination of styles to achieve the desired outcomes.
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Related Questions
Why do you think celebrities bother to involve themselves in politics?
Answers
Answer:
Answer in explanation.
Explanation:
I think that celebrities bother to involve themselves in politics to try and make a statement or gain more fame and followers. Oftentimes, you see celebrities speaking on world events such as the BLM act, global warming, wildfires, or the pandemic that is still ablaze. As we all know, all politicians have their strong opinions but the points do not always get across when just the politicians talk about it. Sometimes, celebrities feel the need to speak on a topic that may be popular in the world of politics just to shine a light on it or even to get more attention. In conclusion, I feel that celebrities try to worm their way into politics because I believe that they think that it will make an impact.
There are several reasons why celebrities may choose to involve themselves in politics.
Why celebrities bother to involve themselves in politics?One reason is that they may feel a sense of responsibility or obligation to use their platform and influence to bring attention to important political issues and advocate for causes they believe in.
Additionally, celebrities often have access to resources and connections that can be useful in political activism and lobbying efforts.
Furthermore, political involvement can also benefit a celebrity's public image and career. By aligning themselves with certain political causes, celebrities may appeal to certain fan bases or demographics, which can increase their popularity and influence.
Moreover, some celebrities may simply be passionate about politics and want to use their voice and platform to make a difference in society. Overall, there are various reasons why celebrities may choose to involve themselves in politics, and the motivations can vary depending on the individual.
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when the fed reduces the discount rate, banks can obtain funds at a lower cost and use these funds to make more loans to their own customers. group of answer choices
Answers
When the Fed reduces the discount rate, banks can obtain funds at a lower cost and use these funds to make more loans to their own customers: True.
What is the Fed?The Fed is a short word for Federal Reserve and it can be defined as a federal government financial institution that was established by the Federal Reserve Act on the 23rd of December, 1913 by the U.S Congress.
Additionally, the Fed is just like all central banks in a country and as such, it is considered as a United States government agency that regulates banking activities, supervise and regulate banks, as well as control the issuance of currency in the United States of America.
In conclusion, banks in the United States of America are able to obtain funds at a lower cost and make more loans to their own customers when the discount rate is reduced or lowered by the Fed.
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Complete Question:
When the Fed reduces the discount rate, banks can obtain funds at a lower cost and use these funds to make more loans to their own customers.
group of answer choices
False
True
state any five occupations in public service sector ?
Answers
Answer:
Government Education Health care Protective services (police officer, firefighter,etc.)Communty services (social workers, disability services workers, etc.)
What represents an external source of new-product ideas?
Answers
An external source of new-product ideas represents any outside influence or entity that contributes to the development of innovative concepts for products. This can include customer feedback, competitors' products, market research, and industry trends.
An external source of new-product ideas refers to any input that comes from outside the company, such as customers, suppliers, competitors, and other industry experts. These sources can provide valuable insights and suggestions that can help businesses generate fresh ideas for their product development efforts. By tapping into these external sources, companies can stay ahead of the curve and ensure that their products are innovative and relevant to the needs and preferences of their target audience. These external sources play a vital role in generating fresh ideas and helping businesses stay competitive and adaptive in their respective markets.
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is profit maximization the primary objective of a business?
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Yes, Profit maximization is often considered to be the primary objective of a business.
What is profit maximization?However, this may not always be the case for all businesses. Some businesses prioritize other objectives such as sustainability, social responsibility, and customer satisfaction over maximizing profit.
Therefore, In practice, most businesses strive to balance their profit-making goals with other objectives, such as meeting customer needs, following ethical principles, and contributing to the wider community.
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Help me please.. there is no option on here for Human Resources principals, so I jus clicked business as the subject..
Answers
Answer:
An interview
Explanation:
when the federal reserve announces that it is implementing a new interest rate policy, the _____ will be affected. a. real interest rate b. consumer lending rate c. nominal interest rate d. federal funds rate
Answers
The Federal Reserve announcing a new interest rate policy will affect the Federal Funds rate.
The Federal Funds rate is the rate at which depository institutions lend balances at the Federal Reserve to other depository institutions overnight. It is the main tool used by the Federal Reserve to implement monetary policy.
The Federal Reserve will use the Federal Funds rate to influence the real interest rate, which is the rate of interest earned after taking into account the effect of inflation. The Federal Reserve can use the Federal Funds rate to increase or decrease the real interest rate.
An increase in the Federal Funds rate can lead to an increase in the consumer lending rate, which is the rate of interest paid by consumers on loans such as credit cards, auto loans, and mortgages. When the Federal Reserve increases the Federal Funds rate, banks and other lenders tend to increase their own lending rates as well, leading to higher borrowing costs for consumers. Finally, the nominal interest rate is the stated or advertised rate of interest before adjusting for inflation. This rate typically does not change with the Federal Reserve's announcement of a new interest rate policy.
In conclusion, the Federal Reserve's announcement of a new interest rate policy will affect the Federal Funds rate, which will have an impact on the real interest rate, consumer lending rate, and nominal interest rate.
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Write the names of sender and receiver of quotation letter in foreign trade.
Answers
Answer:
Wydm
Explanation:
Silvio frequently disagrees with his teammates on the best way to accomplish their tasks and enjoys offering contrarian viewpoints. this is most likely to lead to greater team effectiveness when: a. his team recognizes this as relationship conflict. b. the team is engaged in a difficult task that requires creativity.c. his team spends most of their time addressing his contrarian viewpoints.d. the team is engaged in a relatively routine task.e. it leads some of his teammates to consider joining a different team.
Answers
Based on the information provided, option b. is the most likely scenario where Silvio's contrarian viewpoints could lead to greater team effectiveness. Engaging in a difficult task that requires creativity can benefit from diverse perspectives and approaches, which Silvio's differing opinions can offer. However, if his teammates perceive his behavior as relationship conflict (option a.), this could create tension and hinder collaboration. Spending most of the team's time addressing Silvio's viewpoints (option c.) could also be counterproductive and slow down progress. Similarly, if the team is engaged in a relatively routine task (option d.), Silvio's differing opinions may not be as valuable. Lastly, if Silvio's behavior leads some of his teammates to consider leaving the team (option e.), this could negatively impact team cohesion and performance.
Based on the information provided, Silvio's tendency to disagree with his teammates and offer contrarian viewpoints is most likely to lead to greater team effectiveness when:
b. the team is engaged in a difficult task that requires creativity.
This is because diverse perspectives and constructive debate can stimulate creative thinking, allowing the team to explore new ideas and develop innovative solutions to challenging problems.
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Sers of interdependent organizations participating in the process providing a payment mechanism for a provider while making a service or product accessible and available for use or consumption is the definition of
Answers
Answer:
Distribution channels
Explanation:
Distribution channels are made up of intermediary organisations that facilitates movement of goods between the suppliers and the consumers.
They are made up of wholesalers, distributors, and retailers.
They function by making a payment mechanism available to the supplier. Products are purchased and they are now made accessible to the consumer.
The main question distribution channels answers is - How do the products get to the customer?
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Answers
Answer:
Hellllllllllllllllllllllllllllllllllllo
Explanation:
If a company sold equipment, when recording the transaction, how many of the columns used in a tabular analysis would include a positive number assuming the equipment were sold at a loss?
Answers
In the case of a company selling equipment at a loss, three columns in a tabular analysis would include a positive number. These columns represent the following accounts: Cash, Accumulated Depreciation, and Loss on Sale of Equipment.
When equipment is sold, the company receives cash, increasing the Cash account. Accumulated Depreciation is also adjusted positively, as the accumulated depreciation related to the sold equipment is removed from the books. Finally, since the equipment was sold at a loss, there will be a positive value in the Loss on Sale of Equipment column.
The other accounts involved in the transaction, such as Equipment and Depreciation Expense, will not have a positive number in this scenario. The Equipment account is reduced by the original cost of the sold asset, and there is no depreciation expense recorded in the tabular analysis for the equipment sold.
In summary, when a company sells equipment at a loss, three columns in a tabular analysis would include a positive number: Cash, Accumulated Depreciation, and Loss on Sale of Equipment. These positive numbers reflect the cash received, removal of accumulated depreciation, and recognition of the loss on the sale.
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the following data was calculated during a study on overhead expenses. now find the critical value(s) and sketch the rejection region for this hypothesis test: a corporate finance manager would like to test the claim that the average percent of a company's budget spent on overhead expenses is less than 25 percent. the significance level is 0.05. test statistic z0
Answers
The null hypothesis is greater than or equal to 25 percent (H0: µ ≥ 25%) and Alternative hypothesis is less than 25 percent (Ha: µ < 25%).
Null Hypothesis: The average percentage of a company's budget spent on overhead is at least 25 percent (H0: µ ≥ 25%).
Alternative Hypothesis: The average percentage of a company's budget spent on overhead is less than 25 percent (Ha: µ < 25%).
The corporate finance manager tests whether the sample mean of 23 percent differs significantly from the hypothesized population mean of 25 percent, indicating that the company's overhead costs are being managed efficiently. The 5% significance level indicates that the finance manager is willing to accept a 5% probability of rejecting the null hypothesis when it is actually true. The known population standard deviation of 4.44 percent is used to calculate the test statistic for this hypothesis test.
The question is incomplete, complete question is "A corporate finance manager would like to test the claim that the average percent of a company's budget spent on overhead expenses is less than 25 percent. To test this claim at the 5% significance level, the corporate finance manager collects the following data on a sample of 40 companies and records the percent of their budget spent on overhead expenses. The following is the data from this study: Sample size = 40 companies Sample mean = 23 percent From past data, it is known that the population standard deviation is 4.44 percent. Identify the null and alternative hypothesis for this study by filting in the blanks with the correct symbolor > represent the correct hypothesis)"
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why would the federal reserve enact an easy money policy
Answers
Answer:
Easy money is a representation of how the Fed can stimulate the economy using monetary policy. The Fed looks to create easy money when it wants to lower unemployment and boost economic growth, but a major side effect of doing so is inflation.
Explanation:
In preparing for a fair interview process as a hiring manager, you should: In preparing for a fair interview process as a hiring manager, you should: put water out for the candidates. ensure that you know the names of all candidates.
Answers
In preparing for a fair interview process as a hiring manager, you should: d. Prepare a schedule of questions to be asked of all candidates.
Interview questions to ask candidates Why do you want to work here?What do you know about our company?Why are you the best person for the job?What is your greatest strength? What Is your greatest weakness?What can you bring to the company?How did you hear about this position?What do you look for in a job?What should our company be doing better?Your question is incomplete, but most probably your full question was:
In preparing for a fair interview process as a hiring manager, you should:
a. Put water out for the candidates.
b. Ensure that you know the names of all candidates.
c. Dress comfortably and professionally.
d. Prepare a schedule of questions to be asked of all candidates.
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Vanguard and Fidelity are two low-cost mutual fund families that offer Roth IRAs. Stick to them or another mutual fund family that features low costs and expenses. Question 2 options: True False
Answers
If you're looking for a low-cost mutual fund family that offers Roth IRAs, both Vanguard and Fidelity are excellent choices. Their low costs and expenses can have a positive impact on your long-term investment returns.
True. Both Vanguard and Fidelity are reputable mutual fund families that offer low-cost Roth IRAs. Investing in a Roth IRA can be a smart financial move as it allows you to contribute after-tax money that can grow tax-free and be withdrawn tax-free in retirement.
Both Vanguard and Fidelity are known for their low costs and expenses, which is an important factor to consider when choosing a mutual fund family. Low costs mean that a smaller percentage of your investment is taken as fees, allowing more of your money to work for you. This can have a significant impact on your overall returns over time.
For example, let's say you invest $10,000 in a Roth IRA and it earns an average annual return of 7% over 30 years. If you were to pay an expense ratio of 1%, you would end up with approximately $49,725. However, if you were to pay an expense ratio of 0.1%, you would end up with approximately $60,858. That's a difference of over $11,000!
It's also worth mentioning that both Vanguard and Fidelity offer a wide range of investment options within their mutual fund families. This allows you to choose investments that align with your risk tolerance and investment goals.
In summary, if you're looking for a low-cost mutual fund family that offers Roth IRAs, both Vanguard and Fidelity are excellent choices. Their low costs and expenses can have a positive impact on your long-term investment returns.
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Pompeii Pizza Club owns three identical restaurants popular for their specialty pizzas. Each restaurant has a debt-equity ratio of 45 percent and makes interest payments of $52,000 at the end of each year. The cost of the firm’s levered equity is 17 percent. Each store estimates that annual sales will be $1.425 million; annual cost of goods sold will be $795,000; and annual general and administrative costs will be $455,000. These cash flows are expected to remain the same forever. The corporate tax rate is 25 percent.
a. Use the flow to equity approach to determine the value of the company’s equity. (Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to 2 decimal places, e.g., 1,234,567.89)
b. What is the total value of the company? (Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to 2 decimal places, e.g., 1,234,567.89)
Answers
a) The value of the company's equity, determined using the flow to equity approach, is $466,176.47. b) The total value of the company is $847,501.77.
Calculate the FCFE:
Annual sales: $1,425,000
Cost of goods sold: $795,000
General and administrative costs: $455,000
Interest payment: $52,000
EBT (Earnings Before Taxes) = Annual sales - Cost of goods sold - General and administrative costs
EBT = $1,425,000 - $795,000 - $455,000 = $175,000
Tax expense = EBT * Tax rate
Tax expense = $175,000 * 0.25 = $43,750
Net income (NI) = EBT - Tax expense
Net income = $175,000 - $43,750 = $131,250
FCFE = NI + Depreciation - Capital Expenditure - Increase in Working Capital - Interest payment
Assuming no depreciation, capital expenditure, or change in working capital mentioned in the question:
FCFE = $131,250 - $52,000 = $79,250
Calculate the value of equity:
Value of equity = FCFE / Cost of levered equity
Cost of levered equity = 17%
Value of equity = $79,250 / 0.17 = $466,176.47
Therefore, the value of the company's equity is $466,176.47.
To calculate the total value of the company, we can use the debt-equity ratio and the value of equity.
Total value of the company = Value of equity / Equity proportion
Equity proportion = 1 - Debt proportion
Debt proportion = 45%
Equity proportion = 1 - 0.45 = 0.55
Total value of the company = $466,176.47 / 0.55 = $847,501.77
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What does a company do to start the strategic planning​ process?
Answers
A company defines its overall purpose and mission.
What is strategic planning?The process through which an organization determines its plan or direction and decides how to allocate its resources to achieve its strategic goals is known as strategic planning. Controls that govern how the strategy is implemented may also be included. Strategic planning became more popular in corporations in the 1960s, and it is still an important part of strategic management today. It is carried out by strategic managers or strategists who do an extensive study of the company and how it interacts with its competitive environment. Although there are numerous definitions of strategy, most agree that it entails deciding on steps to attain goals, creating a timeframe, and allocating resources to carry out those actions.
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bartering is a technique used by advertisers to recapture shoppers who abandoned a web site without making a purchase.
a. true
b. false
Answers
The statement "Bartering is a technique used by advertisers to recapture shoppers who abandoned a web site without making a purchase." is false.
Give a brief account on bartering.Bartering is the process of exchanging products or services between two or more parties without using cash or another form of payment, like a credit card. Bartering basically entails one party offering a good or service in exchange for another party offering a similar good or service. A carpenter building a fence for a farmer is an easy illustration of a barter deal. Instead of giving the builder $1,000 in cash for labor and supplies, the farmer could give the carpenter $1,000 worth of crops or groceries as payment.
The basis of bartering is a straightforward idea: Two people bargain to discover the relative value of their goods and services, then offer them to one another in an equal exchange. It predates even the creation of real cash, making it the oldest form of trade. While the current senior generation bartered with someone they knew for the few goods they had on hand (such as produce and livestock) or services they could personally provide (such as carpentry and tailoring), most Americans today have access to a nearly limitless source of potential barter partners through the internet.
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what happens to the APR after 10 months
Answers
Answer: Once your 0% introductory APR period is over, you'll be charged a new interest rate and may even owe interest on any unpaid balance from before.
Explanation:
i think that's what you mean
Which of the following accounts remains the same even with an increase in sales?
a. Accounts receivable
b. Accounts payable
c. Accrued taxes
d. Notes payable
e. Accrued wages
Answers
The accounts that remains the same even with an increase in sales are Notes payable. Option D is correct.
An account is a record in an accounting system that tracks the financial activities of a specific asset, liability, equity, revenue, or expense. These records increase and decrease as the business events occur throughout the accounting period. Each individual account is stored in the general ledger and used to prepare the financial statements at the end of an accounting period.
Therefore, the correct option is option D.
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¿Cómo podría Wal-Mart mejorar su estrategia de marketing para atraer a los grandes consumidores potenciales de este sector en los mercados internacionales?
Answers
Answer:
Para poder atraer grandes consumidores potenciales del sector de retail en los mercados internacionales, Walmart tendría que focalizarse en 3 tareas específicas:
1- Por un lado, invertir en publicidad en los lugares en los que desee aumentar su rendimiento comercial, para poder dar a conocer su marca y atraer a nuevos clientes, ingresando así a mercados en los que hasta ahora no tiene presencia.
2- Además, debe lógicamente invertir en relocalizar muchos de sus centros de distribución a esos nuevos mercados, para así poder facilitar la distribución de los productos que comercializa en los nuevos territorios.
3- Por otra parte, debe garantizar un acceso al comercio electrónico, para poder así proveer a los consumidores los mismos bienes que ofrece en los Estados Unidos, pero en sus territorios de origen.
Lodestar Inc. recently decided to expand from its original base in construction to several wide-ranging industries such as trucking, lawn mower manufacturing, and catering. Lodestar is using the __________ corporate strategy.
Answers
Lodestar Inc. recently decided to expand from its original base in construction to several wide-ranging industries such as trucking, lawn mower manufacturing, and catering. Lodestar Inc. is using a diversification corporate strategy.
The diversification strategy is often used by companies to spread their risk and reduce their dependence on one particular industry. By entering different industries, a company can capitalize on new market opportunities and gain a competitive advantage. In the case of Lodestar, the company is expanding into industries that are not directly related to construction, but still have growth potential. There are two types of diversification strategies: related and unrelated. Related diversification involves entering industries that are related to the company's existing operations.
This type of diversification allows the company to leverage its existing resources and capabilities, and generate synergies between its different businesses. Unrelated diversification, on the other hand, involves entering industries that are completely unrelated to the company's existing operations.
This type of diversification is riskier, but can also offer higher potential returns. In the case of Lodestar, it seems that the company is using an unrelated diversification strategy as it expands into industries that are not directly related to construction. However, the success of this strategy will depend on how well the company can manage its new businesses and generate synergies between them.
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You use $50,000 of your own money to start a catering business. During the first year you earn a 5% return on that investment. If the current interest rate is 8%, you earn an economic profit of _____.
Answers
Answer:
-$1,500
Explanation:
If the current interest rate is 8%, you earn an economic profit of:
Economic profit = Profit - Opportunity cost
Economic profit = (0.05 * $50000) - (0.08 * $50000)
Economic profit = $2,500 - $4,000
Economic profit = -$1,500
So, i will earn an economic loss of $1,500
Petra adjusts her management style based on the reaction of her employees to a project. She does not employ the same tactics every time. What approach to management is Petra using
Answers
The approach to management Petra uses is called Flexibility.
Flexibility means adapting to situations as they arise. In management, it means management's ability to change approach to situations regarding their work environment.
Flexibility is important to management because it enables organizations address diverse employee needs. Also, Managers need to adapt to day-to-day shifts in workplace schedules – employee personal issues, an unexpected influx of work and more etc.
It therefore means that Petra is using approach to management called flexibility, which enable her change management style based on the reaction of her employees to a project.
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All of the following statements about the use of images on landing pages are true, except
a. images should be of professional quality
b. images should depict people being happy using the product
c. the right images can encourage visitors to explore the page further
d. visitors normally read the text closely on landing pages, so text is essential to accompany
Answers
Answer:
c is what i think
Explanation:
When something is grown and harvested in the same country it is distributed in, it can be considered what?
capital
international
duties
domestic
Answers
Answer:
domestic
Explanation:
In business, domestic refers to the home country of the producer or consumer. The domestic market is the market within the borders of the seller's country. Domestic contrasts with international, which refers to beyond the borders of a country.
Products that are produced and distributed within the country are domestic products. They are often referred to as local products. Domestic goods become exports if sold outside the borders of their country of origin.
The same networking letter can be sent to every member of a job network
Please select the best answer from the choices provided
T F
Answers
Answer:
False.
Explanation:
A networking letter can be defined as a type of cover letter or a job-hunting tool written to friends, friends of friends, or professionals in the author's job network to request assistance and support such as introductions, job leads, meetings, referrals and career advice.
Generally, it is advisable to draft and send out different networking letters to the members in your job network.
Hence, the same networking letter shouldn't be sent to every member of a job network so as to increase one's chance of getting a favorable and positive response.
Answer:
False
Explanation:
Got it right on edge 2021
he company was forced to delete its magnetic desk toy product due to safety concerns after being sued by the consumer product safety commission. what type of product deletion did the firm most likely u
Answers
The firm most likely underwent a "distress deletion" of their magnetic desk toy product after being sued by the consumer product safety commission.
This type of product deletion occurs when a company must remove a product from the market due to safety concerns, legal issues, or regulatory actions, such as being sued by the Consumer Product Safety Commission.
In this case, the safety concerns surrounding the magnetic desk toy led to its distress deletion to avoid further legal consequences and protect consumers from potential harm.
When a product is deemed unsafe or defective, a company may recall the product in order to remove it from the market and prevent harm to consumers.
A voluntary recall is initiated by the company itself and is often done in collaboration with a government agency such as the Consumer Product Safety Commission (CPSC) in the United States.
A voluntary recall is typically the preferred method of product deletion, as it allows the company to take responsibility for the issue and avoid negative publicity or legal action.
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On March 1, 2017, Carla Vista Co. Acquired real estate, on which it planned to construct a small office building, by paying $79,000 in cash. An old warehouse on the property was demolished at a cost of $8,000; the salvaged materials were sold for $1,660. Additional expenditures before construction began included $1,160 attorney's fee for work concerning the land purchase, $4,400 real estate broker's fee, $8,660 architect's fee, and $13,800 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land.
Answers
Answer:
The reported cost of the land = $99,560
Explanation:
In order to calculate the cost of the land, it is important to note that the amount recorded as cost of the land, includes the actual amount paid as the market price of the land, including all the necessary costs incurred to make the land ready for use. These include: attorney's fees, cost of demolition of old properties, broker's fees etc.
To calculate the net cost of the land, let us identify all the transactions done in the purchase of the land. This is done as follows:
market value of land = $ 79,000
cost of demolition = $ 8,000
additional expenses = $ 1,160
attorney's fee = $ 4,400
broker's fee = $ 8,660
salvaged materials = $ 1,660 (minus)
Total = $ 99,560
Note that the amount gotten from sale of salvaged materials is subtracted from the cost of land, because it is an income, not expenditure, while the architect's fee is not used in the calculation because, it doesn't meet the criteria for cost of land, instead it is part of the cost of building after the acquisition of the land.