land in order to build new corporate headquarters for a purchase price of S7 2.1

Question

land in order to build new corporate headquarters for a purchase price of S7 2.100 to handle the legal aspects of the purchase. Closing costs paid by DJG amounted to $15.970 There was an old factory and grade the property to ensure proper drainage and an additional $21500 build a drive. parking lot, and walkways on the property that cost DJG $7.400 to have removed. In addition, CSB Construction charged the corporation $2,400 to 1. What amount should be recorded as Land? 2 What other accounts) should be increased and for what amounts)? $ 18,0 K Prex 7 or 10 E Next >

Explanation / Answer

Amount to be recorded as Land: Cost of Land 776000 Lawyer charges 2100 Closing cost 15970 Removal cost of factory building 7400 Grading cost 2400 Total cost of Lland to be recorded 803870 Other account to be recorded is Land Improvemente Account for $ 21500 (for drive, parking lot and walkaways)

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