Waterway Co. purchased land as a factory site for $536,000. The process of tearing down two old buildings on the site and constructing the factory required 6 months.
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- Martin Buber Co. purchased land as a factory site for $400,000. The process of tearing down two old buildings on the site and constructing the factory required 6 months. The company paid $42,000 to raze the old buildings and sold salvaged lumber and brick for $6,300. Legal fees of $1,850 were paid for title investigation and drawing the purchase contract. Martin Buber paid $2,200 to an engineering firm for a land survey, and $68,000 for drawing the factory plans. The land survey had to be made before definitive plans could be drawn. Title insurance on the property cost $1,500, and a liability insurance premium paid during construction was $900. The contractor’s charge for construction was $2,740,000. The company paid the contractor in two installments: $1,200,000 at the end of 3 months and $1,540,000 upon completion. Interest costs of $170,000 were incurred to finance the constructionIvanhoe Co. purchased land as a factory site for $520,000. The process of tearing down two old buildings on the site and constructing the factory required 6 months. The company paid $54,600 to raze the old buildings and sold salvaged lumber and brick for $8,190. Legal fees of $2,405 were paid for title investigation and drawing the purchase contract. Ivanhoe paid $2,860 to an engineering firm for a land survey, and $88,400 for drawing the factory plans. The land survey had to be made before definitive plans could be drawn. Title insurance on the property cost $1,950, and a liability insurance premium paid during construction was $1,170. The contractor's charge for construction was $3,562,000. The company paid the contractor in two installments: $1,560,000 at the end of 3 months and $2,002,000 upon completion. Interest costs of $221,000 were incurred to finance the construction. Determine the cost of the land and the cost of the building as they should be recorded on the books of…Vaughn Co. purchased land as a factory site for $520,000. The process of tearing down two old buildings on the site and constructing the factory required 6 months. The company paid $54.600 to raze the old buildings and sold salvaged lumber and brick for $8,190. Legal fees of $2.405 were paid for title investigation and drawing the purchase contract. Vaughn paid $2,860 to an engineering firm for a land survey, and $88,400 for drawing the factory plans. The land survey had to be made before definitive plans could be drawn. Title insurance on the property cost $1,950, and a liability insurance premium paid during construction was $1,170. The contractor's charge for construction was $3,562,000. The company paid the contractor in two installments: $1,560,000 at the end of 3 months and $2,002,000 upon completion. Interest costs of $221.000 were incurred to finance the construction. Determine the cost of the land and the cost of the building as they should be recorded on the books of Vaughn…
- Sheffield Co. purchased land as a factory site for $536,000. The process of tearing down two old buildings on the site and constructing the factory required 6 months. The company paid $56,280 to raze the old buildings and sold salvaged lumber and brick for $8,442. Legal fees of $2,479 were paid for title investigation and drawing the purchase contract. Sheffield paid $2,948 to an engineering firm for a land survey, and $91,120 for drawing the factory plans. The land survey had to be made before definitive plans could be drawn. Title insurance on the property cost $2,015, and a liability insurance premium paid during construction was $1,206. The contractor's charge for construction was $3,671,600. The company paid the contractor in two installments: $1,608,000 at the end of 3 months and $2,063,600 upon completion. Interest costs of $227,800 were incurred to finance the construction. Determine the cost of the land and the cost of the building as they should be recorded on the books of…Vaughn Co. purchased land as a factory site for $456,000. The process of tearing down two old buildings on the site and constructing the factory required 6 months.The company paid $47,880 to raze the old buildings and sold salvaged lumber and brick for $7,182. Legal fees of $2,109 were paid for title investigation and drawing the purchase contract. Vaughn paid $2,508 to an engineering firm for a land survey, and $77,520 for drawing the factory plans. The land survey had to be made before definitive plans could be drawn. Title insurance on the property cost $1,710, and a liability insurance premium paid during construction was $1,026. The contractor’s charge for construction was $3,123,600. The company paid the contractor in two installments: $1,368,000 at the end of 3 months and $1,755,600 upon completion. Interest costs of $193,800 were incurred to finance the construction.Determine the cost of the land and the cost of the building as they should be recorded on the books of Vaughn Co.…Coronado Co. purchased land as a factory site for $496,000. The process of tearing down two old buildings on the site and constructing the factory required 6 months. The company paid $52,080 to raze the old buildings and sold salvaged lumber and brick for $7,812. Legal fees of $2,294 were paid for title investigation and drawing the purchase contract. Coronado paid $2,728 to an engineering firm for a land survey, and $84,320 for drawing the factory plans. The land survey had to be made before definitive plans could be drawn. Title insurance on the property cost $1,860, and a liability insurance premium paid during construction was $1,116. The contractor's charge for construction was $3,397,600. The company paid the contractor in two installments: $1,488,000 at the end of 3 months and $1,909,600 upon completion. Interest costs of $210,800 were incurred to finance the construction. Determine the cost of the land and the cost of the building as they should be recorded on the books of…
- The Madison Sign Company purchased land as a factory site for $75,000. Prior to construction of the new building, the land had to be cleared of trees and brushConstruction costs incurred during the first year are listed belowDenzil Co. purchased land as a factory site for $600,000. Denzil paid $60,000 to tear down two buildings on the land. Salvage was sold for $5,400. Legal fees of $3,480 were paid for title investigation and making the purchase. Architect’s fees were $31,200. Title insurance cost $2,400, and liability insurance during construction cost $2,600. Excavation cost $10,440. The contractor was paid $2,200,000. An assessment made by the city for pavement was $6,400. Interest costs during construction were $170,000. What is the cost of the land that should be recorded by Denzil Co.? $el Salalak Company incurred the following plant asset expenditures and receipts in its first year of operations. The purchase price of the land was RO 285,000. The cost of filling the land was RO 15,000. Cost of demolishing an old building on the land to make land suitable for construction of new factory RO 10,000. Proceeds from salvage of the materials from the old building totalled RO 4,000. Full payment to factory construction contractor RO 300,000. Real estate taxes on land paid at time of purchase RO 4,500. Architect's fees on factory design plans RO8,500. Cost of the fences, parking lots and driveways RO 30,000. What is the total cost of the factory building? Moh O a. RO 314,000 12 O b. None of the options are correct Oc RO 310,500 O d. RO 308,500 10 O e. RO 306,000
- On January 6, Year 1, Mount Jackson Corporation purchased a tract of land for a factory site for $825,000. An existing building on the site was demolished and the new factory was completed on October 11, Year 1. Additional cost data are shown below: Construction cost of new building $ 1,000,000 Real estate and attorney fees 18,200 Architect fees 84,000 Cost to demolish old building 77,100 Salvage recovery from old building (13,000 ) Which of the following are the capitalized costs of the land and the new building, respectively? Multiple Choice A $843,200 and $1,148,100 B $920,300 and $1,071,000 C $825,000 and $1,166,300 D $907,300 and $1,084,000Moby Co. purchased land costing $2,550,000 as a future factory site. Moby paid $240,000 to tear down two buildings on the land. Some Amish folks came along and paid them from the scrap lumber. They paid $2,450 cash for it. Moby paid the lawyer $4,555 in fees for the title investigation and for making the purchase. The architect's fees were $85,600. The cost for the title insurance was $4,600, and liability insurance costs during the construction phase for the factory was $12,640. The excavation cost to clear the ground for the new building was $19,450. They paid the building contractor $8,200,000. The interest costs during the construction phase of the building was $465,000. What should Moby record as cost of the land? Question options: 2,796,705 2,882,305 2,799,155 2,550,000Apple Co. purchased land as a factory site for $1,350,000. Apple paid $120,000 to tear down two buildings on the land. Salvage was sold for $8,100. Legal fees of $5,220 were paid for title investigation and making the purchase. Architect's fees were $46,800. Title insurance cost $3,600, and liability insurance during construction cost $3,900. Excavation cost $15,660. The contractor was paid $4,200,000. An assessment made by the city for pavement was $11,600. Interest costs during construction were $255,000. The cost of the land that should be recorded by Apple Co. is