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Determining Cost of Land
On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $25,000 in cash and giving a short-term note for
$330,000. Legal fees paid were $1,790, delinquent taxes assumed were $10,800, and fees paid to remove an old building from the land were
$23,000. Materials salvaged from the demolition of the building were sold for $5,300. A contractor was paid $1,079,200 to construct a new
warehouse.
Determine the cost of the land to be reported on the balance sheet.
D
III
Sagot :
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