Edit View History Bookmarks Window Help a0? 8e Help I Svatem Announcements Exerc

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Edit View History Bookmarks Window Help a0? 8e Help I Svatem Announcements Exercise 9-3 On March 1, 2017, Boyd Company acquired real estate, on which it planned to construct a small office building, by paying $80,000 in cash. An old warehouse on the property was demolished at a cost of $8,200; the salvaged materiels were sold for $1,700. Additional expenditures before construction began included $1,900 attorney's fee for work concerning the land purchase, $5,200 real estate broker's fee, $9,100 architect's fee, and $14,000 to put in driveways and a parking let vork (a) Determine the amount to be reported as the cost of the land. Cost of land 14 Question Attemptsi Unlimited SAVE FOR LATER SUBHET ANSWER by Study

Explanation / Answer

Cost of Land: Purchase cost of land: 80,000 Demolition cost 8200 Attorney's fees 1900 Real estate broker fees 5200 Less: Salvaged material sold -1700 COST OF LAND 93600 The cost of land to be recorded in books: $93,600

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