Soccer wholesale purchased land and a warehouse for 670000, Ask an Expert

Accounting

Soccer Wholesale purchased land and a warehouse for $670,000. In addition to the purchase price, Soccer Wholesale makes the following expenditures related to the acquisition: broker's commission, $47,200; title insurance, $2,900; and miscellaneous closing costs, $7,900. The warehouse is immediately demolished at a cost of $81,200 in anticipation of building a new warehouse.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9959606

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