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On February 1, 2025, Sheffield Corp. purchased a parcel of land as a factory site for $329000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2025. Costs incurred during this per are listed below:

On February 1, 2025, Sheffield Corp. purchased a parcel of land as a factory site for $329000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2025. Costs incurred during this per are listed below:

FINANCIAL ACCOUNTING
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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On February 1, 2025, Sheffield Corp. purchased a parcel of land as a factory site for $329000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2025. Costs incurred during this period are listed below. Demolition of old building Architect's fees Legal fees for title investigation and purchase contract Construction costs 1403000 (Salvaged materials resulting from demolition were sold for $8400) $ 19600 34200 $340200 and $1442800 O $354200 and $1428800 O $340200 and $1437200. O $345800 and $1437200. 5600 Sheffield should record the cost of the land and new building, respectively, as
Transcribed Image Text:On February 1, 2025, Sheffield Corp. purchased a parcel of land as a factory site for $329000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2025. Costs incurred during this period are listed below. Demolition of old building Architect's fees Legal fees for title investigation and purchase contract Construction costs 1403000 (Salvaged materials resulting from demolition were sold for $8400) $ 19600 34200 $340200 and $1442800 O $354200 and $1428800 O $340200 and $1437200. O $345800 and $1437200. 5600 Sheffield should record the cost of the land and new building, respectively, as
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