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On March 1, 2010, Edington Company acquired real estate, on which it planned to construct a small office building, by paying $96,328 in cash. An old warehouse on the property was demolished at a cost of $8,227; the salvaged materials were sold for $1,706. Additional expenditures before construction began included $1,218 attorney's fee for work concerning the land purchase, $4,310 real estate broker's fee, $9,690 architect's fee, and $13,536 to put in driveways and a parking lot.Determine the amount to be reported as the cost of the land.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9974370

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