1 answer

On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $35,000 in cash...

Question:

On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $35,000 in cash and giving a short-term note for $294,000. Legal fees paid were $1,750, delinquent taxes assumed were $12,400, and fees paid to remove an old building from the land were $18,300. Materials salvaged from the demolition of the building were sold for $4,900. A contractor was paid $1,000,200 to construct a new warehouse.


Answers

Answer:

cost of the land of balance sheet

Land price (35000+294000) 329000
Add Legal fees 1750
Add delinquent taxes 12400
Add removal cost 18300
Less materials salvage and sold (4900)
Cost of the land on balance sheet 356550
.

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