Waterway Industries purchased land as a factory site for $1330000. Waterway paid $112000 to tear down two buildings on the land.

Question

3 years ago

7

Waterway Industries purchased land as a factory site for $1330000. Waterway paid $112000 to tear down two buildings on the land.

Salvage was sold for $8000. Legal fees of $5140 were paid for title investigation and making the purchase. Architect's fees were $46900. Title insurance cost $3900, and liability insurance during construction cost $4200. Excavation cost $15760. The contractor was paid $4200000. An assessment made by the city for pavement was $9700. Interest costs during construction were $251000.
a. The cost of the land that should be recorded by Wilson Co. is:_________
b. The cost of the building should be recorded by Wilson Co. is:______

Business