These expenditures were incurred by Dunston Company in
purchasing land: cash price $60,000; accrued taxes $5,000;
attorney’s fees $2,100; real estate broker’s commission $3,300; and
clearing and grading $3,500.
What is the cost of the land?
CALCULATION OF THE COST OF LAND | |
PARTICULARS | AMOUNT |
Cash Price of the land | $ 60,000 |
Add: Accurd Taxes | $ 5,000 |
Add: Attorney's Fees | $ 2,100 |
Add: Real State Broker's Commission | $ 3,300 |
Total | $ 70,400 |
Answer = Total Cost of Land = $ 70,400 | |
Note: Clearing and grading expenses are not part of the land cost so not taken this | |
These expenditures were incurred by Dunston Company in purchasing land: cash price $60,000; accrued taxes $5,000;...
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