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Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying 30,000 and giving a short-term not $ 270,000. Legal fees paid were 1425, delinquent taxes assumed were 12,000 and fees paid to remove an old building from land were 18,50. Materials salvaged from the demolition of the building were sold for 4500. A contractor was paid 910,000 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9982021

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