The following expenditures were incurred by Miller Corporation in purchasing land: Cash price Accrued taxes Attorneys' fees Clearing and grading $85,000 $3,200 $4,500 Real estate broker's commission $1,300 What is the cost of the land? $4,800

The following expenditures were incurred by Miller Corporation in purchasing land: Cash price Accrued taxes Attorneys' fees Clearing and grading $85,000 $3,200 $4,500 Real estate broker's commission $1,300 What is the cost of the land? $4,800

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments

Section: Chapter Questions

Problem 3RE: Utica Corporation paid 360,000 to purchase land and a building. An appraisal showed that the land is...

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Question

What is the cost of the land?

The following expenditures were incurred by
Miller Corporation in purchasing land:
Cash price
Accrued taxes
Attorneys' fees
Clearing and grading
$85,000
$3,200
$4,500
Real estate broker's commission $1,300
What is the cost of the land?
$4,800

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