Away Corp. purchased a parcel of land for a new headquarters. The purchase price was $950,000. The company also incurred: $85,000 to demolish an old structure, $15,000 in legal fees related to the purchase, and received $12,000 from selling salvaged materials. Required: Compute the total land cost (do not enter any punctuation).

Away Corp. purchased a parcel of land for a new headquarters. The purchase price was $950,000. The company also incurred: $85,000 to demolish an old structure, $15,000 in legal fees related to the purchase, and received $12,000 from selling salvaged materials. Required: Compute the total land cost (do not enter any punctuation).

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments

Section: Chapter Questions

Problem 3RE: Utica Corporation paid 360,000 to purchase land and a building. An appraisal showed that the land is...

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