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Burka [1]
3 years ago
13

February 1, 2018, Salisbury Company purchased land for the future factory location at a cost of $112,000. The dilapidated buildi

ng that was on the property was demolished so that construction could begin on the new factory building. The new factory was completed on November 1, 2018. Costs incurred during this period were: Item Amount Demolition dilapidated building $2,000 Architect Fees $11,250 Legal Fees - for title search $1,450 Interest During Active Construction Period $5,025 Real estate transfer tax $975 Construction Costs $605,000 Using this information, how much should be recorded as the cost of the land?
Business
1 answer:
Maru [420]3 years ago
6 0

Answer:

The cost of the land should be recorded as $108,350

Explanation:

Land cost =                                     $112,000

Demolition dilapidated building = $2,200

Legal fees - title search =               $1,450

Cost of land = Land cost - Demolition dilapidated building - Legal fees - title search

Cost of land = $112,000 - $2,200 - $1,450

Cost of land = $108,350

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3 years ago
Crich Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct
Snezhnost [94]

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Explanation:

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3 0
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According to peterson, what was the catalyst for the formation of the first truly global trade network?
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