Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. determining cost of land on-time delivery company

Determining Cost of Land On-Time Delivery Company acquired an adjacent lot to construct a new...

90.2K

Verified Solution

Question

Accounting

Determining Cost of Land

On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $29,000 in cash and giving a short-term note for $309,000. Legal fees paid were $2,135, delinquent taxes assumed were $15,300, and fees paid to remove an old building from the land were $18,700. Materials salvaged from the demolition of the building were sold for $5,100. A contractor was paid $1,027,500 to construct a new warehouse.

Determine the cost of the land to be reported on the balance sheet. $fill in the blank 1

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Great Lakes Packing has two bond issues outstanding. The first issue has a coupon rate of...

Finance
Q

A fair coin is flipped four times. What is the probability that tails occurs exactly 4...

Statistics
Q

Chromatography is used in many different ways in the workplace to analyze medical, environmental, and industrial...

Chemistry
Q

Synthesis of potassium trioxalatoferrate (volumetric techniques and KMnO4 titration) Work the following problems: a. suppose you have as...

Chemistry
Q

1. All of the following are aseptic techniques to prevent contamination of food in the...

Biology
Q

All household circuits are wired in parallel. A 1220-W toaster, a 200-W blender, and a...

Physics
Q

At a school carnival one of the booths has 12 plastic ducks floating in a...

Geometry
Q

Elysa bought a car priced at $11,042 for 15% down and equal semi-annual payments for...

Basic Math
Q

You deposit $1,500 in a bank where you have a savings account. The bank pays...

Basic Math
Q

What are the major attacks organisations could expect to experience and the resulting damage to...

Accounting
Q

Q025: Which accounting concept requires that financial statements reflect the assumption that the business will...

Accounting
Q

Exercise 5-7 Presented below are selected accounts of Stellar Company at December 31, 2017 Inventory...

Accounting