Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $43,000 in cash and giving a short-term note for $287,000. Legal fees paid were $2,065, delinquent taxes assumed were $14,300, and fees paid to remove an old building from the land were $18,800. Materials salvaged from the demolition of the building were sold for $5,000. A contractor was paid $1,003,200 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.

Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $43,000 in cash and giving a short-term note for $287,000. Legal fees paid were $2,065, delinquent taxes assumed were $14,300, and fees paid to remove an old building from the land were $18,800. Materials salvaged from the demolition of the building were sold for $5,000. A contractor was paid $1,003,200 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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