Determining Cost of Land Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $27,000 and giving a short-term note for $268,000. Legal fees paid were $1,910, delinquent taxes assumed were $11,100, and fees paid to remove an old building from the land were $22,600. Materials salvaged from the demolition of the building were sold for $4,400. A contractor was paid $896,800 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet. $
DETERMINATION OF THE COST OF LAND TO BE REPORTED IN THE BALANCE SHEET :-
Amount paid for acquire an adjacent lot = $ 27,000
Add:- Short term note = $ 268,000
Add:- Legal fee paid = $ 1,910
Add:- Delinquent tax = $ 11,100
Add:- Fees paid to remove an old building. = $ 22,600
Less:- Salvage material sold = ($ 4,400)
COST OF LAND = $3,26,210
SO THE COST OF LAND TO BE REPORTED IN THE BALANCE SHEET IS $3,26,210.
Determining Cost of Land Fastball Delivery Company acquired an adjacent lot to construct a new warehouse,...
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Show Me How Debermining Cest of Land Festhal Delivery Company acquired en ogacent lot to construct ฮ nre marehoune, peyno e new warehouse, paying $27,000 and giving a short-term note for $268,000. Legpal fees paid were $1,910, toremove an old buldng from the land were %22,000. Materiais salvaged from the demolbonofthe buidrg T told- for $4,400 A contractor was paid $896,800 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet mone...
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