Eagle Country Club has acquired a lot to construct a clubhouse. Eagle had the following costs related to the construction: Architects' fees $45,000 Construction labor 80,000 Engineers' fees 15,000 Fences around building 9,000 Grading and leveling 10,000 Insurance costs incurred during construction 7,000 Interest on money borrowed for construction 5,000 Land 73,000 Building Materials 237,000 Sales taxes 6,000 Trees and shrubs 6,000 Determine the cost of the Club House to be reported on the balance sheet.

Eagle Country Club has acquired a lot to construct a clubhouse. Eagle had the following costs related to the construction: Architects' fees $45,000 Construction labor 80,000 Engineers' fees 15,000 Fences around building 9,000 Grading and leveling 10,000 Insurance costs incurred during construction 7,000 Interest on money borrowed for construction 5,000 Land 73,000 Building Materials 237,000 Sales taxes 6,000 Trees and shrubs 6,000 Determine the cost of the Club House to be reported on the balance sheet.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter9: Acquisitions Of Property

Section: Chapter Questions

Problem 45P

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