Question

Marigold Corp. purchased land adjacent to its plant to improve access for trucks making deliveries. Expenditures incurred in purchasing the land were as follows: purchase price, $57,800; broker’s fees, $6,260; title search and other fees, $5,050; demolition of an old building on the property, $5,700; grading, $1,450; digging foundation for the road, $3,040; laying and paving driveway, $27,000; lighting $7,670; signs, $1,720.

List the items and amounts that should be included in the Land account.

select an expenditure LightingLaying and Paving DrivewaySignsDigging Foundation for the RoadBroker’s FeesPurchase PriceTitle Search and Other FeesDemolition of Old BuildingGradingLand Acquisition Cost		$enter a dollar amount
select an expenditure Land Acquisition CostGradingSignsDigging Foundation for the RoadLightingLaying and Paving DrivewayPurchase PriceDemolition of Old BuildingBroker’s FeesTitle Search and Other Fees		enter a dollar amount
select an expenditure Title Search and Other FeesDigging Foundation for the RoadGradingDemolition of Old BuildingLand Acquisition CostLaying and Paving DrivewayPurchase PriceSignsLightingBroker’s Fees		enter a dollar amount
select an expenditure SignsDigging Foundation for the RoadLaying and Paving DrivewayDemolition of Old BuildingTitle Search and Other FeesGradingLand Acquisition CostLightingPurchase PriceBroker’s Fees		enter a dollar amount
select an expenditure LightingSignsPurchase PriceDigging Foundation for the RoadLand Acquisition CostLaying and Paving DrivewayBroker’s FeesTitle Search and Other FeesGradingDemolition of Old Building		enter a dollar amount
select a closing Land account item Digging Foundation for the RoadGradingLightingLand Acquisition CostDemolition of Old BuildingTitle Search and Other FeesLaying and Paving DrivewaySignsPurchase PriceBroker’s Fees		$enter a total dollar amount

Answer 1

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Marigold Corp.	Amount $
Purchase price	57,800.00
Add:
Broker's Fees	6,260.00
Title search and other fees	5,050.00
Payment for demolition of old building on land	5,700.00
Grading	1,450.00
Digging foundation for the road	3,040.00
Laying and paving driveway	27,000.00
Cost of land	106,300.00