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

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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