Question

These expenditures were incurred by Oriole Company in purchasing land: cash price $60,700, assumed accrued taxes $5,260, attorney’s fees $2,170, real estate broker’s commission $3,310, and clearing and grading $4,610. What is the cost of the land? The cost of the land $enter the cost of the land in dollars

Answer 1

Answer:

$76,050

Explanation:

Given that,

cash price = $60,700

assumed accrued taxes = $5,260

attorney’s fees = $2,170

real estate broker’s commission = $3,310

clearing and grading = $4,610

Cost of the land:

= cash price + assumed accrued taxes + attorney’s fees + real estate broker’s commission + clearing and grading

= $60,700 + $5,260 + $2,170 + $3,310 + $4,610

= $76,050