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Butoxors [25]
3 years ago
8

On February 1, 2014, Nelson Corporation purchased a parcel of land as a factory site for $280,000. An old building on the proper

ty was demolished, and construction began on a new building which was completed on November 1, 2014. Costs incurred during this period are listed below: Demolition of old building $ 20,000 Architect's fees 35,000 Legal fees for title investigation and purchase contract 5,000 Construction costs 1,340,000 (Salvaged materials resulting from demolition were sold for $10,000.)
Nelson should record the cost of the land and new building, respectively, as
Business
1 answer:
seropon [69]3 years ago
7 0

Answer:

Land = $295,000

Building = $1,375,000

Explanation:

The computation of cost of the land and new building is shown below:-

Land = Parcel of land + Demolition of old building + Legal fees for title investigation and purchase contract - Salvaged materials resulting from demolition were sold

= $280,000 + $20,000 + $5,000 - $10,000

= $305,000 - $10,000

= $295,000

Building = Architect's fees + Construction costs

= $35,000 + $1,340,000

= $1,375,000

We simply applied the above formulas

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Answer:

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4 0
3 years ago
The Yurdone Corporation wants to set up a private cemetery business. According to the CFO, Barry M. Deep, business is "looking u
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Answer:

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