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Exercise #2: On March 1, 2019, Westmorlan Company acquired real estate on which it planned...

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Accounting

Exercise #2: On March 1, 2019, Westmorlan Company acquired real estate on which it planned to construct a small offi ce building. The company paid $75,000 in cash. An old warehouse on the property was razed at a cost of $8,600; the salvaged materials were sold for $1,700. Additional expenditures before construction began included $1,100 attorneys fee for work concerning the land purchase, $5,000 real estate brokers fee, $7,800 architects fee, and $14,000 to put in driveways and a parking lot. Instructions (a) Determine the amount to be reported as the cost of the land. (b) For each cost not used in part (a), indicate the account to be debited.

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