COMPASSION Company incurred the following costs at the beginning of the current year: Cost of land 1,000,000 Cost of building 4,000,000 Remodeling and repairs prior to occupancy 500,000 Escrow fee 100,000 Clearing, leveling and landfill 250,000 Property tax for period after the acquisition 150,000 Real estate commission 300,000 1. compute the cost of building 2. compute the cost of land
COMPASSION Company incurred the following costs at the beginning of the current year: Cost of land 1,000,000 Cost of building 4,000,000 Remodeling and repairs prior to occupancy 500,000 Escrow fee 100,000 Clearing, leveling and landfill 250,000 Property tax for period after the acquisition 150,000 Real estate commission 300,000 1. compute the cost of building 2. compute the cost of land
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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COMPASSION Company incurred the following costs at the beginning of the current year:
|
Cost of land |
1,000,000 |
|
Cost of building |
4,000,000 |
|
Remodeling and repairs prior to occupancy |
500,000 |
|
Escrow fee |
100,000 |
|
Clearing, leveling and landfill |
250,000 |
|
Property tax for period after the acquisition |
150,000 |
|
Real estate commission |
300,000 |
1. compute the cost of building
2. compute the cost of land
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