Homework Answers
Ans..
| Particulars | Land | Building |
| Purchase cost of Land | $ 85,000 | |
| Land Clearing Costs | $ 4,500 | |
| Sale of firewood to a worker | $ (450) | |
| Title Investigation of Land | $ 3,000 | |
| Property taxes on Land | $ 2,500 | |
| Architect Fees (New Building) | $ 25,000 | |
| Buildng Construction Costs | $ 350,000 | |
| Total | $ 94,550 | $ 375,000 |
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Problem 7-1B Determine the acquisition cost of land and building
(LO7-1)
The Italian Pizza
Company purchased land as a factory site for $89,000. Prior to
construction of the new building, the land had to be cleared of
trees and brush. Construction costs incurred during the first year
are listed below:
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