Problemon january 1 2014 blair corporation purchased for, Ask an Expert

Accounting

Problem:

On January 1, 2014, Blair Corporation purchased for $500,000 a tract of land (site number 101) with a building. Blair paid a real estate broker's commission of $36,000, legal fees of $6,000, and title guarantee insurance of $18,000. The closing statement indicated that the land value was $500,000 and the building value was $100,000. Shortly after acquisition, the building was razed at a cost of $54,000.

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Question: Compute the cost that should be assigned to land?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91164908

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