On January 6, Year 1, Mount Jackson Corporation purchased a tract of land for a factory site for $1,500,000. An existing building on the site was demolished and the new factory was completed on October 11, Year 1. Additional cost data are shown below: Construction cost of new building $ 1,760,000 Real estate and attorney fees 15,400 Architect fees 138,000 Cost to demolish old building 133,200 Salvage recovery from old building (11,000) Which of the following are the capitalized costs of the land and the new building, respectively? $1,637,600 and $1,898,000 O $1,515,400 and $2,020,200 O $1,648,600 and $1,887,000 $1.500.000 and $2.035.600

On January 6, Year 1, Mount Jackson Corporation purchased a tract of land for a factory site for $1,500,000. An existing building on the site was demolished and the new factory was completed on October 11, Year 1. Additional cost data are shown below: Construction cost of new building $ 1,760,000 Real estate and attorney fees 15,400 Architect fees 138,000 Cost to demolish old building 133,200 Salvage recovery from old building (11,000) Which of the following are the capitalized costs of the land and the new building, respectively? $1,637,600 and $1,898,000 O $1,515,400 and $2,020,200 O $1,648,600 and $1,887,000 $1.500.000 and $2.035.600

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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