Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. fastball delivery company acquired an adjacent lot

Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $27,000 and...

90.2K

Verified Solution

Question

Accounting

Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $27,000 and giving a short-term note for $254,000. Legal fees paid were $2,480, delinquent taxes assumed were $15,500, and fees paid to remove an old building from the land were $17,900. Materials salvaged from the demolition of the building were sold for $4,200. A contractor was paid $854,200 to construct a new warehouse.

Determine the cost of the land to be reported on the balance sheet.

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

A national survey of insurance offices was taken, resulting in a random sample of 253 companies....

Advance Math
Q

Let G be a graph. prove G has a Eulerian trail if and only if...

Advance Math
Q

In a large business hotel 40 of the guests read the Los Angeles Times Only...

Basic Math
Q

A fifteen 15 year 8000 CD through Bank X pays 4 96 interest compounded weekly...

Basic Math
Q

Hospital floors: Hospital floors are usually bare tiles instead of carpet. Carpets will decrease noise...

Basic Math
Q

What is the parent function for this grap A 3 1 f x Absolute Value...

Algebra
Q

10 8 6 4 2 10 8 6 4 2 8 2 0 2 8...

Algebra
Q

quivalent unit for conversion costs for January in the Molding Department is closest to: Multiple...

Accounting
Q

Mia Kaminsky sells shoes for Macy's. Macy's pays Mia $12 per hour plus a 5%...

Accounting
Q

mednl The attached file is an example of an xbar chart representing the number of...

Accounting
Q

The cash balance per books for Feagen Company on September 30, 2012 is $10,740.93. The...

Accounting
Q

please answer the following 6) Companble financial statements data for...

Accounting