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These expenditures were incurred by Wildhorse Co. in purchasing land: cash price $57,690, assumed accrued taxes...

These expenditures were incurred by Wildhorse Co. in purchasing land: cash price $57,690, assumed accrued taxes $5,150, attorney’s fees $2,140, real estate broker’s commission $3,550, and clearing and grading $4,220.

What is the cost of the land?

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Answer #1

Solution:

Cost of land = cash price + accrued taxes + attorney's fees + broker's commission + clearing and grading

= 57690 + 5150 + 2140 + 3550 +4220

= $72,750

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