Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $43,000 in cash and giving a short-term note for $287,000. Legal fees paid were $2,065, delinquent taxes assumed were $14,300, and fees paid to remove an old building from the land were $18,800. Materials salvaged from the demolition of the building were sold for $5,000. A contractor was paid $1,003,200 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.
Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $43,000 in cash and giving a short-term note for $287,000. Legal fees paid were $2,065, delinquent taxes assumed were $14,300, and fees paid to remove an old building from the land were $18,800. Materials salvaged from the demolition of the building were sold for $5,000. A contractor was paid $1,003,200 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![D21 5-1 Problem Se X
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Determining Cost of Land
On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $43,000 in cash and giving a short-term note for $287,000. Legal fees paid were
$2,065, delinquent taxes assumed were $14,300, and fees paid to remove an old building from the land were $18,800. Materials salvaged from the demolition of the building
were sold for $5,000. A contractor was paid $1,003,200 to construct a new warehouse.
Determine the cost of the land to be reported on the balance sheet.
Applicant Infor X +
o O
4
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Transcribed Image Text:D21 5-1 Problem Se X
CengageNOW X Gaging method X
Apply Online M X
genow.com/ilm/takeAssignment/takeAssignment Main.do?invoker=&takeAssignmentSession Locator=&inprogress=... A
eBook A
CengageNOW X
Check My Work
Show Me How
Determining Cost of Land
On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $43,000 in cash and giving a short-term note for $287,000. Legal fees paid were
$2,065, delinquent taxes assumed were $14,300, and fees paid to remove an old building from the land were $18,800. Materials salvaged from the demolition of the building
were sold for $5,000. A contractor was paid $1,003,200 to construct a new warehouse.
Determine the cost of the land to be reported on the balance sheet.
Applicant Infor X +
o O
4
Previous
Next
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