Problem 7-1B Determine the acquisition cost of land and building (LO7-1) The Italian Pizza Company purchased land as a factory site for $88,000. Prior to construction of the new building, the land had to be cleared of trees and brush. Construction costs incurred during the first year are listed below: Land clearing costs Sale of firewood to a worker Architect fees (for new building) Title investigation of land Property taxes on land (for the first year) Building construction costs $ 4,800 (420) 28,000 3,300 2,800 380,000

Problem 7-1B Determine the acquisition cost of land and building (LO7-1) The Italian Pizza Company purchased land as a factory site for $88,000. Prior to construction of the new building, the land had to be cleared of trees and brush. Construction costs incurred during the first year are listed below: Land clearing costs Sale of firewood to a worker Architect fees (for new building) Title investigation of land Property taxes on land (for the first year) Building construction costs $ 4,800 (420) 28,000 3,300 2,800 380,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 3PA: During the current year, Alanna Co. had the following transactions pertaining to its new office...

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