On March 1, 2019, Cullumber Company acquired real estate on which it planned to construct...
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On March 1, 2019, Cullumber Company acquired real estate on which it planned to construct a small office building. The company paid $75,000 in cash. An old warehouse on the property was razed at a cost of $8,000; the salvaged materials were sold for $1,500. Additional expenditures before construction began included $1,000 attorneys fee for work concerning the land purchase, $4,000 real estate brokers fee, $7,000 architects fee, and $13,000 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land.
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