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Cost of a Fixed Asset
Borges Inc. recently purchased land to use for the construction of its new manufacturing facility and incurred the following costs: purchase price, $125,000; real estate commissions, $9,500; delinquent property taxes, $1,800; closing costs, $3,500; clearing and grading of the land, $12,800.
Required:
Determine the cost of the land.
Cost of a Fixed Asset:
Cost of a Fixed Asset is the cost incurred on acquiring the Fixed asset and includes any expenditure which is necessary in preparing the asset for its use.
To calculate:
To determine the cost of Land.
Cost of Land includes
- Purchase price
- Brokerage/Commission
- Delinquent Property taxes
- Closing costs such as attorney title, survey fees
- Cleaning and grading costs
- Demolition of unwanted buildings minus any salvage...
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