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Gekata [30.6K]
3 years ago
9

Determine Cost of Land Four Corners Delivery Company acquired an adjacent lot to construct a new warehouse, paying $32,000 and g

iving a short-term note for $282,000. Legal fees paid were $2,465, delinquent taxes assumed were $11,800, and fees paid to remove an old building from the land were $20,000. Materials salvaged from the demolition of the building were sold for $4,700. A contractor was paid $954,600 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.
Business
1 answer:
ratelena [41]3 years ago
8 0

Answer: $343565

Explanation:

The cost of the land to be reported on the balance sheet goes thus:

Initial cost of land = $32000 + $282000 = $314000

Add: Legal fee = $2465

Add: Deliquescent charges = $11800

Add: Building demolition = $20000

Total = $348265

Less: Material savaged = $4700

Cost of land = $343565

The cost of the land is $343565

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