Current Attempt in Progress On March 1, 2025. Sheridan Company acquired real estate, on which it planned to construct a small office building, by paying $78,000 in cash. An old warehouse on the property was demolished at a cost of $7.800; the salvaged materials were sold for $1.620. Additional expenditures before construction began included $1,120 attorney's fee for work concerning the land purchase, $4,300 real estate broker's fee. $8,620 architect's fee, and $13,600 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land. Cost of the land
Current Attempt in Progress On March 1, 2025. Sheridan Company acquired real estate, on which it planned to construct a small office building, by paying $78,000 in cash. An old warehouse on the property was demolished at a cost of $7.800; the salvaged materials were sold for $1.620. Additional expenditures before construction began included $1,120 attorney's fee for work concerning the land purchase, $4,300 real estate broker's fee. $8,620 architect's fee, and $13,600 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land. Cost of the land
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Current Attempt in Progress
On March 1, 2025. Sheridan Company acquired real estate, on which it planned to construct a small office building, by paying
$78,000 in cash. An old warehouse on the property was demolished at a cost of $7.800; the salvaged materials were sold for $1.620.
Additional expenditures before construction began included $1,120 attorney's fee for work concerning the land purchase, $4,300 rea
estate broker's fee. $8,620 architect's fee, and $13,600 to put in driveways and a parking lot.
(a) Determine the amount to be reported as the cost of the land.
Cost of the land
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