Question

Metlock, Inc. purchases land for $430000 cash. The clinic assumes $4600 in property taxes due on the land. The title and attorney fees totaled $2900. The clinic had the land graded for $8000. What amount does Metlock, Inc. record as the cost for the land?

Answer 1

Answer:

The recorded balance will be = $445500

Explanation:

We have given that Metlock purchases the land for cash $430000

Property tax = $4600

The title and attorney fee = $2900

The clinic had a land graded for $8000

We have to find the amount the Metlock lnc record as the cost of land

The record will be equal to = $430000+$4600+$2900+$8000= $445500

So the recorded balance will be = $445500