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UkoKoshka [18]
3 years ago
6

On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $42,000 and giving a short-term note for

$307,000. Legal fees paid were $2,335, delinquent taxes assumed were $11,900, and fees paid to remove an old building from the land were $19,800. Materials salvaged from the demolition of the building were sold for $5,200. A contractor was paid $1,061,000 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.
Business
1 answer:
Dovator [93]3 years ago
4 0

Answer:

$377,835

Explanation:

The cost of an assets include Purchase Costs and other costs directly related to place to asset in the location and condition intended for use by the management.

<u>Thus, calculation of the Cost of the Land will be as follows :</u>

Cash payment                                                                     $42,000

Short term note                                                                 $307,000

Legal Costs                                                                            $2,335

Delinquent taxes                                                                  $11,900

Fees to remove old buildings ($19,800 - $5,200)            $14,600

Total                                                                                   $377,835

Conclusion :

Therefore, the cost of the land to be reported on the balance sheet is $377,835

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