ozheng24112
16.07.2019 •
Business
Acompany incurred the following costs associated with the purchase of a piece of land that it will use to re-build an office building: purchase price of the land $ 600,000 sale of salvaged parts already on land $ 22,000 demolition of the old building $ 34,000 ground-breaking ceremony (food and supplies) $ 3,000 land preparation and leveling $ 8,200 what amount should be recorded for the purchase of the land?
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Ответ:
The $620,200 is amount should be recorded for the purchase of the land.
Explanation:
The total amount of purchase of land which is need to be recorded is shown below
= Purchase cost of land - Sale of salvage parts + Demolition of the old building + Land preparation and leveling
= $ 600,000 - $ 22,000 + $ 34,000 + 8,200
= $620,200
The Ground-breaking ceremony is not considered as it is not related to the land
Thus, the $620,200 is amount should be recorded for the purchase of the land.
Ответ: