Current Attempt in Progress On March 1, 2020, Bonita Group acquired real estate on which it planned to construct a small office building. The company paid €85,000 in cash. An old warehouse on the property was razed at a cost of €8,800; the salvaged materials were sold for €1,600. Additional expenditures before construction began included €1,800 attorney's fee for work concerning the land purchase, €5,200 real estate broker's fee, €7,800 architect's fee, and €14,900 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land. Cost of land €
Current Attempt in Progress On March 1, 2020, Bonita Group acquired real estate on which it planned to construct a small office building. The company paid €85,000 in cash. An old warehouse on the property was razed at a cost of €8,800; the salvaged materials were sold for €1,600. Additional expenditures before construction began included €1,800 attorney's fee for work concerning the land purchase, €5,200 real estate broker's fee, €7,800 architect's fee, and €14,900 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land. Cost of land €
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Current Attempt in Progress
On March 1, 2020, Bonita Group acquired real estate on which it planned to construct a small office building. The company paid
€85,000 in cash. An old warehouse on the property was razed at a cost of €8,800; the salvaged materials were sold for €1,600.
Additional expenditures before construction began included €1,800 attorney's fee for work concerning the land purchase, €5,200 real
estate broker's fee, €7,800 architect's fee, and €14,900 to put in driveways and a parking lot.
(a) Determine the amount to be reported as the cost of the land.
Cost of land
€
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