How to Write a Binding Promissory Note. Learn what you need to include in a promissory note to make it legally binding. Whether your business is loaning money to someone or you are personally loaning money, when you write a binding promissory note, it is a legal contract between the lender and the borrower.ow to Write a Binding Promissory Note. Learn what you need to include in a promissory note to make it legally binding. Whether your business is loaning money to someone or you are personally loaning money, when you write a binding promissory note, it is a legal contract between the lender and the borrower.
Acquisition cost for equipment, for example, means the net invoice price of the equipment, including the cost of any modifications, attachments, accessories, or auxiliary apparatus necessary to make it usable for the purpose for which it is acquired.
Land is generally considered to have an unlimited life and is therefore a non-depreciable asset. Land acquired by the institution should be recorded at its original cost which includes a variety of expenditures related to its acquisition and its preparation for use as intended by the institution. The following are examples of expenditures that should be capitalized as a part of the cost of land: The original acquisition price. Commissions related to the acquisition. Legal fees related to the acquisition. Cost of surveys. Cost of an option to buy the acquired land. Cost of removing unwanted buildings from the land, less any proceeds from salvage.