Determine Cost of LandVillage Delivery Company purchased a lot to construct a new warehouse for $278,000, paying $30,000 in cash and giving a short-term note for the remainder. Legal fees paid in connection with the purchase were $1,410, delinquent taxes assumed were $12, 300, and fees paid to remove an old building from the land were $18,100. Materials salvaged from the demolition of the building were sold for $4,600. A contractor was paid $936,300 to construct a new warehouse.Determine the cost of the land to be reported on the balance sheet.
Determine Cost of LandVillage Delivery Company purchased a lot to construct a new warehouse for $278,000, paying $30,000 in cash and giving a short-term note for the remainder. Legal fees paid in connection with the purchase were $1,410, delinquent taxes assumed were $12, 300, and fees paid to remove an old building from the land were $18,100. Materials salvaged from the demolition of the building were sold for $4,600. A contractor was paid $936,300 to construct a new warehouse.Determine the cost of the land to be reported on the balance sheet.
Principles of Modern Chemistry
8th Edition
ISBN:9781305079113
Author:David W. Oxtoby, H. Pat Gillis, Laurie J. Butler
Publisher:David W. Oxtoby, H. Pat Gillis, Laurie J. Butler
Chapter17: Electrochemistry
Section: Chapter Questions
Problem 80AP
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