The following costs were incurred by Cullumber Company in purchasing land: cash price, $79,000; legal...
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Accounting
The following costs were incurred by Cullumber Company in purchasing land: cash price, $79,000; legal fees, $2,600; removal of old building, $5,300; clearing and grading, $3,500; installation of a parking lot, $5,100. (a) What is the cost of the land?
(b) What is the cost of the land improvements?
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