Wilson Co. purchased land as a factory site for $900,000. Wilson paid $80,000 to tear down two buildings on the land. Salvage was sold for $5,400. Legal fees of $3,480 were paid for title investigation and making the purchase. Architect's fees were $31,200. Title insurance cost $2,400, and liability insurance during construction cost $2,600. Excavation cost $10,440. The contractor was paid $2,800,000. An assessment made by the city for pavement was $6,400. Interest costs during construction were $170,000.
The cost of the land that should be recorded by Wilson Co. is
a. $989,880
b. $980,480
c $996,280
d. $986,880
The cost of the building should be recorded by Wilson Co. is
a. 2,804,840
b. 2,813,200
c. 2,803,800
d. 3,014,240
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Wilson Co. purchased land as a factory site for $900,000. Wilson paid $80,000 to tear down two buildings on the land. Salvage was sold for ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Clay University, a not-for-profit university, earned $300,000 from bookstore revenue and spent $100,000 for faculty research in 20X1. The $100,000 for faculty research came from a $150,000 research grant received in the previous year.
Answers (1)
In 2006, The Home Depot launched its first consumer and business rewards credit cards. The Home Depot Rewards MasterCard and The Home Depot Business Rewards MasterCard allows consumers and business owners earn rewards for everyday purchases.
Answers (1)
Rich Company sells yachts. The yachts have a standard two year warranty included in the sales price and an optional additional two-year extended warranty available for purchase.
Answers (1)
For Year 2, Etzkorn Corporation's sales were $1,480,000, its gross margin was $580,000, its net operating income was $63,714, its net income before taxes was $42,714, and its net income was $29,900.
Answers (1)
Crashes in texas account for most of the deaths by unnatural causes in the state
Answers (2)
New Questions in Business
Buster industries pays weekly salaries of $17,800 on friday for a five-day week ending on that day. the adjusting entry necessary at the end of the fiscal period ending on tuesday is
Answers (1)
While working in a fast food outlet, Harold observed that most of the customers were working in offices in the neighborhood. Sensing a profitable opportunity, he decided to open a catering business.
Answers (1)
Suppose that dunkin donuts solicited a group of customers to provide feedback on its products over time; for example, completing a survey every six months over a period of years. what marketing research technique would this represent?
Answers (1)
The act of purposely failing to pay taxes is known asThe act of purposely failing to pay taxes is known as withholding. tax evasion. a progressive system. a tax penalty.
Answers (1)
Rich, Inc. acquired 30% of Doane Corporation's voting stock on January 1, 2018 for $1,000,000. During 2018, Doane earned $400,000 and paid dividends of $250,000.
Answers (1)