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Little Cabbage Company acquired an adjacent lot to construct a new warehouse, paying $20,000 and giving a short-term note for $300,000. Legal fees paid were $2,000, delinquent taxes assumed were $15,000, and fees paid to remove an old building from the land were $9,000. Materials salvaged from the demolition of the building were sold for $3,000. A contractor was paid $800,000 to construct a new warehouse.

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Accounting Basics, Accounting

Category:- Accounting Basics
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