On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $35,000 in cash...
On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $35,000 in cash and giving a short-term note for $294,000. Legal fees paid were $1,750, delinquent taxes assumed were $12,400, and fees paid to remove an old building from the land were $18,300. Materials salvaged from the demolition of the building were sold for $4,900. A contractor was paid $1,000,200 to construct a new warehouse.
Homework Answers
Answer:
cost of the land of balance sheet
| Land price (35000+294000) | 329000 |
| Add Legal fees | 1750 |
| Add delinquent taxes | 12400 |
| Add removal cost | 18300 |
| Less materials salvage and sold | (4900) |
| Cost of the land on balance sheet | 356550 |
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On-Time Delivery Company acquired an adjacent lot to construct a
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