On March 1, 2025, Sandhill Supply Company acquired real estate, on which it planned to construct a small office building, by paying $90,500 in cash. An old warehouse on the property was demolished at a cost of $14,000; the salvaged materials were sold for $4,000. Additional expenditures before construction began included $3,400 attorney's fee for work concerning the land purchase, $7,400 real estate broker's fee. $11.000 architect's fee, and $25,000 to put in driveways and a parking lot. ✓ Your answer is correct. Determine the amount to be recorded as the cost of the land. Cost of the land $ eTextbook and Media List of Accounts - Your answer is partially correct. 111,300 For each cost not used in previous part, indicate the account to be debited. Account to be debited S $ 11.000 25,000

On March 1, 2025, Sandhill Supply Company acquired real estate, on which it planned to construct a small office building, by paying $90,500 in cash. An old warehouse on the property was demolished at a cost of $14,000; the salvaged materials were sold for $4,000. Additional expenditures before construction began included $3,400 attorney's fee for work concerning the land purchase, $7,400 real estate broker's fee. $11.000 architect's fee, and $25,000 to put in driveways and a parking lot. ✓ Your answer is correct. Determine the amount to be recorded as the cost of the land. Cost of the land $ eTextbook and Media List of Accounts - Your answer is partially correct. 111,300 For each cost not used in previous part, indicate the account to be debited. Account to be debited S $ 11.000 25,000

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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