Leni Company incurred the following costs during the current year: 10,000 10,000 Option fee for land acquired Option fee for land not acquired Taxes in arrears on building on land Payment for land Demolition of old building, net of salvage of P10,000 50,000 1,000,000 100,000 230,000 120,000 Architect fee Payment to city hall for approval of building construction Contract price for factory building Safety fence around construction site Safety inspection on building Removal of safety fence after completion of building New fence surrounding the factory Driveways, parking bays and safety lighting 5,000,000 35,000 30,000 20,000 80,000 550,000 What is the cost of land and building, respectively? (Format of answer should be LAND: 1234567; BUILDING: 1234567)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Leni Company incurred the following costs during the current year:
Option fee for land acquired
Option fee for land not acquired
Taxes in arrears on building on land
Payment for land
Demolition of old building, net of salvage of P10,000
10,000
10,000
50,000
1,000,000
100,000
Architect fee
230,000
120,000
5,000,000
Payment to city hall for approval of building construction
Contract price for factory building
Safety fence around construction site
Safety inspection on building
Removal of safety fence after completion of building
New fence surrounding the factory
Driveways, parking bays and safety lighting
35,000
30,000
20,000
80,000
550,000
What is the cost of land and building, respectively?
(Format of answer should be LAND: 1234567; BUILDING: 1234567)
Transcribed Image Text:Leni Company incurred the following costs during the current year: Option fee for land acquired Option fee for land not acquired Taxes in arrears on building on land Payment for land Demolition of old building, net of salvage of P10,000 10,000 10,000 50,000 1,000,000 100,000 Architect fee 230,000 120,000 5,000,000 Payment to city hall for approval of building construction Contract price for factory building Safety fence around construction site Safety inspection on building Removal of safety fence after completion of building New fence surrounding the factory Driveways, parking bays and safety lighting 35,000 30,000 20,000 80,000 550,000 What is the cost of land and building, respectively? (Format of answer should be LAND: 1234567; BUILDING: 1234567)
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