Why\'re Clinic purchases land for $280,000 cash. The clinic assumes $3,000 in pr

Question

Why're Clinic purchases land for $280,000 cash. The clinic assumes $3,000 in propert taxes due on the land. The title and attorney fees totaled $2,000. The clinic had the land graded for $4,400. What amount does Whyte Clini record as the cost for the land ? Why're Clinic purchases land for $280,000 cash. The clinic assumes $3,000 in propert taxes due on the land. The title and attorney fees totaled $2,000. The clinic had the land graded for $4,400. What amount does Whyte Clini record as the cost for the land ?

Explanation / Answer

Cost of the land = Purchase price + Property tax + Attorney fees + Graded amount

                           = 280,000 + 3,000 + 2,000 + 4,400

                           = $289,400 (Answer)   

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