Question

Marigold Inc. purchased land at a price of $29,900. Closing costs were $2,650. An old building was removed at a cost of $12,030. What amount should be recorded as the cost of the land

Answer 1

Answer:

$44,580

Explanation:

Given that ;

Purchased price = $29,900

Closing costs = $2,650

Cost of removing old building = $12,030

The amount that should be recorded as the cost of the land

= Purchased price + Closing costs + Cost of removing the old building

= $29,900 + $2,650 + $12,030

= $44,580