On March 1, 2022, Sunland Company acquired real estate, on which it planned to construct a small office building, by paying $80,500 in cash. An old warehouse on the property was demolished at a cost of $9,700; the salvaged materials were sold for $2,600. Additional expenditures before construction began included $1,550 attorney's fee for work concerning the land purchase, $5,100 real estate broker's fee, $7,550 architect's fee, and $13,550 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land. Cost of land 2$

On March 1, 2022, Sunland Company acquired real estate, on which it planned to construct a small office building, by paying $80,500 in cash. An old warehouse on the property was demolished at a cost of $9,700; the salvaged materials were sold for $2,600. Additional expenditures before construction began included $1,550 attorney's fee for work concerning the land purchase, $5,100 real estate broker's fee, $7,550 architect's fee, and $13,550 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land. Cost of land 2$

Name: Current Attempt in ProgressOn March 1, 2022, Sunland Company acquired
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Description: Current Attempt in ProgressOn March 1, 2022, Sunland Company acquired real estate, on which it planned to construct a small office building, by paying$80,500 in cash. An old warehouse on the property was demolished at a cost of $9,700; the salvaged

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter8: Operating Assets: Property, Plant, And Equipment, And Intangibles

Section: Chapter Questions

Problem 8.12MCE

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