Cullumber Chrome Bumpers bought two acres of land with an old office building on it that was deemed unusable. The cost was $614,400 of which Cullumber Chrome paid $102,400 in cash as a down payment and signed a 7% mortgage for the remainder. Cullumber Chrome immediately had the old building razed at a total cost of $11,040 and sold the salvaged materials for $2,720. Attorneys were paid $1,360 in connection with the purchase. The architect's fee for drawing building plans for the new building cost $8,800. Cullumber Chrome paid $3,920 in connection with permits and zoning variances necessary prior to construction of the new building. Cullumber Chrome paid the contractor $1,817,600 for construction of the new building, along with $53,760 for a parking lc and necessary walkways and driveways. Answer the following question. (a) At what amount should the land be recorded? Land be recorded 24

Cullumber Chrome Bumpers bought two acres of land with an old office building on it that was deemed unusable. The cost was $614,400 of which Cullumber Chrome paid $102,400 in cash as a down payment and signed a 7% mortgage for the remainder. Cullumber Chrome immediately had the old building razed at a total cost of $11,040 and sold the salvaged materials for $2,720. Attorneys were paid $1,360 in connection with the purchase. The architect's fee for drawing building plans for the new building cost $8,800. Cullumber Chrome paid $3,920 in connection with permits and zoning variances necessary prior to construction of the new building. Cullumber Chrome paid the contractor $1,817,600 for construction of the new building, along with $53,760 for a parking lc and necessary walkways and driveways. Answer the following question. (a) At what amount should the land be recorded? Land be recorded 24

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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