Question

Gagner Clinic purchases land for $150,000 cash. The clinic assumes $1,500 in property taxes due on the land. The title and attorney fees totaled $1,000. The clinic has the land graded for $2,200. What amount does Gagner Clinic record as the cost for the land?
a. $132,200
b. $154,700
c. $150,000
d. $132,500

Answer 1

Answer:

B. $154,700

Explanation:

$150,000 + $1,500 + $1,000 + $2,200 = $154,700