Rockwell Health Center purchases land for $150,000 cash. The clinic assumes $1,800 in property taxes due on the land. The title and attorney fees totaled $1,200. The clinic has the land graded for $2,500. What amount does Rockwell Health Center record as the cost for the land?
Rockwell Health Center purchases land for $150,000 cash. The clinic assumes $1,800 in property taxes due on the land. The title and attorney fees totaled $1,200. The clinic has the land graded for $2,500. What amount does Rockwell Health Center record as the cost for the land?
Chapter3: Income Sources
Section: Chapter Questions
Problem 43P
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Transcribed Image Text:Rockwell Health Center purchases land for $150,000
cash. The clinic assumes $1,800 in property taxes due
on the land. The title and attorney fees totaled $1,200.
The clinic has the land graded for $2,500.
What amount does Rockwell Health Center record as
the cost for the land?
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