Determine Cost of Land Four Corners Delivery Company acquired an adjacent lot to construct a new warehouse, paying $39,000 and giving a short-term note for $283,000. Legal fees paid were $2,230, delinquent taxes assumed were $12,600, and fees paid to remove an old building from the land were $20,400. Materials salvaged from the demolition of the building were sold for $4,800. A contractor was paid $978,900 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.$
Determine Cost of Land Four Corners Delivery Company acquired an adjacent lot to construct a new warehouse, paying $39,000 and giving a short-term note for $283,000. Legal fees paid were $2,230, delinquent taxes assumed were $12,600, and fees paid to remove an old building from the land were $20,400. Materials salvaged from the demolition of the building were sold for $4,800. A contractor was paid $978,900 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.$
Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion
Section: Chapter Questions
Problem 38P
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Determine Cost of Land
Four Corners Delivery Company acquired an adjacent lot to construct a new warehouse, paying $39,000 and giving a short-term note for $283,000. Legal fees paid were $2,230, delinquent taxes assumed were $12,600, and fees paid to remove an old building from the land were $20,400. Materials salvaged from the demolition of the building were sold for $4,800. A contractor was paid $978,900 to construct a new warehouse.
Determine the cost of the land to be reported on the
$
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