15 Mode 8- ConstructionOn January 1, 2023. Amelia Company decided to expand operations and had purchased land an old building for constructionof new manufacturing plant. The following costs were incurred in purchasing the property and constructing the newbuilding:Purchase price (the old building has no fair value)Payment of property taxes on the land for 2022 and 2023 (equally for each year)Title search and insurance2,500,000100,00050,000Special assessment for city improvements on water and sewerBuilding permitCost to destroy existing building on the landContract cost of new building150,00030,00060,0007.000,000Architect fee200,000Sidewalk and parking lotFire insurance on building – 1 year100,00040,00015) What is the cost of the land?A 2.860,000B. 2.810,000C. 2.800,000D. 2.750,00016) What is the cost of the building?A 7,440,000B. 7.290,000C. 7,390,000D. 7.330,000

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chase price (the old building has no fair value) ment of property taxes on the land for 2022 and 2023 (ed -search and insurance cial assessment for city improvements on water and se ding permit to destroy existing building on the land tract cost of new building nitect fee walk and parking lot insurance on building – 1 year is the cost of the land? 2.860,000 2,810,000 2,800,000 2.750,000

chase price (the old building has no fair value) ment of property taxes on the land for 2022 and 2023 (ed -search and insurance cial assessment for city improvements on water and se ding permit to destroy existing building on the land tract cost of new building nitect fee walk and parking lot insurance on building – 1 year is the cost of the land? 2.860,000 2,810,000 2,800,000 2.750,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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