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andriy [413]
3 years ago
11

Emily purchased a building to store inventory for her business. The purchase price was $760,000. Emily also paid legal fees of $

300 to acquire the building. In March, Emily incurred $2,000 to repair minor leaks in the roof (from storm damage earlier in the month) and $5,000 to make the interior suitable for her finished goods and $300 for legal fees. What is Emily's cost basis in the new building?

Business
2 answers:
adelina 88 [10]3 years ago
6 0

Answer:

$765300

Explanation:

Please see attachment .

Kisachek [45]3 years ago
4 0

Answer: Emily's cost basis in the new building is $81,600

Explanation: Hi, the resolution of  this problem is :

$76,000(purchase price) + $600 (legal fees) + $5000(improvements) =$81,600

The $2000 repair of the minor leaks in the roof is not a capitalized cost, it´s a routine maintenance expenditure.

The improvements in the building and the legal fees would be capitalized as expenses to begin using the building.

Emily's cost basis in the new building is $81,600

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<u>Part a</u>

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