Barton Electronics, a company specializing in consumer electronics, needed a new store to accommodate its growing operations. Barton acquired and remodeled an old retail space. As part of the acquisition, Barton incurred the following costs: . Cost of retail store: $35,000 . Cost of land (on which the retail store is located): $90,000 . New roof for building: $80,000 • Lumber used for remodeling: $28,000 . Paint: $600 . Wire and electrical supplies: $5,000 New doors: $8,500 New windows: $4,000 Wages paid to workers for remodeling: $15,000 . Additional inventory purchased for grand opening sale: $50,000 Determine the cost of the land and the building.
Barton Electronics, a company specializing in consumer electronics, needed a new store to accommodate its growing operations. Barton acquired and remodeled an old retail space. As part of the acquisition, Barton incurred the following costs: . Cost of retail store: $35,000 . Cost of land (on which the retail store is located): $90,000 . New roof for building: $80,000 • Lumber used for remodeling: $28,000 . Paint: $600 . Wire and electrical supplies: $5,000 New doors: $8,500 New windows: $4,000 Wages paid to workers for remodeling: $15,000 . Additional inventory purchased for grand opening sale: $50,000 Determine the cost of the land and the building.
Chapter12: Nonrecognition Transactions
Section: Chapter Questions
Problem 17P
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Barton Electronics, a company specializing in consumer electronics, needed a new store to accommodate its growing operations.
Transcribed Image Text:Barton Electronics, a company specializing in consumer electronics,
needed a new store to accommodate its growing operations. Barton
acquired and remodeled an old retail space. As part of the
acquisition, Barton incurred the following costs:
. Cost of retail store: $35,000
. Cost of land (on which the retail store is located): $90,000
. New roof for building: $80,000
•
Lumber used for remodeling: $28,000
. Paint: $600
. Wire and electrical supplies: $5,000
New doors: $8,500
New windows: $4,000
Wages paid to workers for remodeling: $15,000
. Additional inventory purchased for grand opening sale:
$50,000
Determine the cost of the land and the building.
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