Milloy Furniture purchased land, paying $75,000 cash and signing a $250,000 note payable. In addition, Milloy paid delinquent property tax of $2,000, title insurance costing $4,000, and $5,000 to level the land and remove an unwanted building. The company then constructed an office building at a cost of $750,000. It also paid $52,000 for a fence around the property, $17,000 for a sign near the entrance, and $7,000 for special lighting of the grounds. Read the requirements. Requirement 1. Determine the cost of the land, and improvements, and building. The cost of the land is 336,000 The total cost of the land improvements is The cost of the building is S 76,000

Milloy Furniture purchased land, paying $75,000 cash and signing a $250,000 note payable. In addition, Milloy paid delinquent property tax of $2,000, title insurance costing $4,000, and $5,000 to level the land and remove an unwanted building. The company then constructed an office building at a cost of $750,000. It also paid $52,000 for a fence around the property, $17,000 for a sign near the entrance, and $7,000 for special lighting of the grounds. Read the requirements. Requirement 1. Determine the cost of the land, and improvements, and building. The cost of the land is 336,000 The total cost of the land improvements is The cost of the building is S 76,000

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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