: PRINTER VERSION : BACK I NEXT CALCULATOR : MESSAGE MY INSTRUCTOR I FULL SCREEN

Question

: PRINTER VERSION : BACK I NEXT CALCULATOR : MESSAGE MY INSTRUCTOR I FULL SCREEN Exercise 10 2 artin Buber Co. pu site and constructing the factory required 6 months Martin Buber Co, purchased land as a factory site for $608,800. The process of tearing down twe old buildings on th The company paid $63,924 to raze the old buildings and sold salvaged lumber and brick for $9,589 $2,816 were paid for title investigation and drawing the purchase contract. Martin Buber paid $3,348 to an engineering firm for a land survey, and $103,496 for drawing the factory plans. The land survey had to be made before definit plans could be drawn. Title insurance on the property cost $2,283, and a liability insurance premium paid during construction was $1,370. The contractor's charge for construction was $4,170,280. The company paid the contractor in two installments: $1,826,400 at the end of 3 months and $2,343,880 upon completion. Interest costs of $258,740 were incurred to finance the construction. Deternine the cost of the land and the cost of the building as they should be recorded on the books of Martin Buberk Co. Assume that the land survey was for the building. Cost of the Land s Cost of the Building Click if you would like to Show Work for this question: Qeen Show Wark hared/assignment/test/aglistunind asnmt201 77795N 1002

Explanation / Answer

Particulars Land Building Land $608,800 Razing Costs $63,924 Less: Salvage Value ($9,589) Legal Fees $2,816 Survey $3,348 Plans $103,496 Title Insurance $2,283 Liability Insurance $1,370 Construction $4,170,280 Interest $258,740 Total $668,234 $4,537,234

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