Shidan Apartments purchased an apartment building to rent to university students on November 18, 2015....
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Accounting
Shidan Apartments purchased an apartment building to rent to university students on November 18, 2015. The following costs were incurred during 2015, before the tenants moved in:
Purchase price of the building $220,000
Purchase price of the land 100,000
Transfer taxes 10,000
Interest incurred on the mortgage loan to purchase 4,000
Attorney and real estate agent's fees 15,000
Repave the parking lot 6,000
How much will Shidan Apartments record as an asset?
a. $320,000
b. $351,000
c. $355,000
d. $345,000
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