Maurice Tutor

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Category > Accounting Posted 20 Aug 2017 My Price 4.00

Northwest Delivery Company

Ex 9-3  Determining cost of land                                                                         ObJ. 1

Northwest Delivery Company acquired an adjacent lot to construct a new warehouse, paying $75,000 and giving a short-term note for $90,000. Legal fees paid were $2,500, delinquent taxes assumed were $22,400, and fees paid to remove an old building from the land were $14,500. Materials salvaged from the demolition of the building were sold for $7,500. A contractor was paid $660,000 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.

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Maurice Tutor
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Status NEW Posted 20 Aug 2017 07:08 PM My Price 4.00

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