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The following costs were incurred by Imports Auto Pa Cost of land, including $18,400 of legal costs Cost to demolish old building Costs of grading land for building site Costs related to building construction Legal costs relating to building permits Costs of paving parking lot

The following costs were incurred by Imports Auto Pa Cost of land, including $18,400 of legal costs Cost to demolish old building Costs of grading land for building site Costs related to building construction Legal costs relating to building permits Costs of paving parking lot

FINANCIAL ACCOUNTING
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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Exercise 18.1 Determining the elements that make up the cost of an asse. LO 18-1 The following costs were incurred by Imports Auto Parts in connection with the construction o retail store building: Cost of land, including $18,400 of legal costs. Cost to demolish old building. Costs of grading land for building site Costs related to building construction Legal costs relating to building permits Costs of paving parking lot Purchase price of land Demolition cost of old building 1 & 2. What are the capitalized cost of the land and new building? Cost to level building site Cost to construct building. Legal costs related to building Costs of paving parking lot Total capitalized cost Land $ 340,000 18,450 10,600 890,000 16,825 94,000 $1,369,875 S New Building $340,000 18,450 10,600 890,000 0 16,825 94,000
Transcribed Image Text:Exercise 18.1 Determining the elements that make up the cost of an asse. LO 18-1 The following costs were incurred by Imports Auto Parts in connection with the construction o retail store building: Cost of land, including $18,400 of legal costs. Cost to demolish old building. Costs of grading land for building site Costs related to building construction Legal costs relating to building permits Costs of paving parking lot Purchase price of land Demolition cost of old building 1 & 2. What are the capitalized cost of the land and new building? Cost to level building site Cost to construct building. Legal costs related to building Costs of paving parking lot Total capitalized cost Land $ 340,000 18,450 10,600 890,000 16,825 94,000 $1,369,875 S New Building $340,000 18,450 10,600 890,000 0 16,825 94,000
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