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ando?invoker-assignments&takeAssignmentSessionLocator-assignment-take;&nprogress-false; brecLogin CengageVirginia Jobs wco Blue Ridge Commun 2 AramarkMy Profile A MyStaffmark ADP Workforce Now Utamate Rewards eBook Show Me How Calculator Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $90,000 and giving a short-term note for $50,000 Legal fees paid were $1,750, delinquent taxes assumed were $25,000, and fees paid to remove an old building from the land were s9,000. Materials salvaged from the demolition of the building were sold for $1,000. A contractor was paid $415,000 to construct a new warehouse Determine the cost of the land to be reported on the balance sheet.

Explanation / Answer

Calculate cost of land :

Cost of Land Purchase price 140000 Legal fees paid 1750 Deliquent taxes 25000 Land improvement 9000 Less: Material salvage sold (1000) Cost of land 174750

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