Simons Company purchased land to build a new factory. The following expenditures were made in conjunction with the land purchase
:
O Purchase price of the land, $150,000
O Real estate commissions of 7% of the purchase price
O Land survey, $5,000
O Back taxes, $5,000
1. What is the initial value of the land?
Multiple Choice:
a. $160,000 b. $160,500 c. $165,500 d. $170,500
O Purchase price of the land, $150,000
O Real estate commissions of 7% of the purchase price
O Land survey, $5,000
O Back taxes, $5,000
1. What is the initial value of the land?
Multiple Choice:
a. $160,000 b. $160,500 c. $165,500 d. $170,500
1 answer:
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