Wilson Co. purchased land as a factory site for $800,000. Wilson paid $80,000 to

Question

Wilson Co. purchased land as a factory site for $800,000. Wilson paid $80,000 to rear down two buildings on the land. Salvage ws sold for $5,400. Legal fees pf $3,400 were paod fpr tot;e omvestogatopm amd ,alomg tje purchase. Architect's fees were $31,200. Title insurance cost $2,400, and liability insurance during construction cost $2,600. Excavation cost $10,440. The contractor was paid $2,500,000. An assessment made by the city for pavement was $6,400. Interest costs during construction were $170,000. The cost of the land that should be recorded by Wilson Co. Is a. 886,880 b. 896,280 c. 880,480 d. 889,880

Explanation / Answer

a. 886,880

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