Milloy Self Storage purchased land, paying $155,000 cash as a down payment and signing a $145,000 note payable for the balance. Milloy also had to pay delinquent property tax of $2,500, title insurance costing $6,500, and $12,000 to level the land and remove an unwanted building. The company paid $50,000 to add soil for the foundation and then constructed an office building at a cost of $850,000. It also paid $49,000 for a fence around the property. $17,000 for the company sign near the property entrance, and $4,000 for lighting of the grounds. Read the requirement. The cost of the land is
Milloy Self Storage purchased land, paying $155,000 cash as a down payment and signing a $145,000 note payable for the balance. Milloy also had to pay delinquent property tax of $2,500, title insurance costing $6,500, and $12,000 to level the land and remove an unwanted building. The company paid $50,000 to add soil for the foundation and then constructed an office building at a cost of $850,000. It also paid $49,000 for a fence around the property. $17,000 for the company sign near the property entrance, and $4,000 for lighting of the grounds. Read the requirement. The cost of the land is
Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion
Section: Chapter Questions
Problem 38P
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