Falcon Company Acquired an Adjacent Lot to Construct a New

question 133

Essay

Falcon Company acquired an adjacent lot to construct a new warehouse, paying $40,000 and giving a short-term note for $410,000. Legal fees paid were $13,275, delinquent taxes assessed were $14,500, and fees paid to remove an old building from the land were $15,800. Materials salvaged from the demolition of the building were sold for $6,800. A contractor was paid $890,000 to construct the new warehouse. Determine the cost of the land to be reported on the balance sheet and show your work.

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Definitions:

Supportive Social Relationships

Relationships characterized by mutual aid, emotional bonds, and assistance, which contribute to individuals' well-being.

Team Building Activities

Structured exercises or actions designed to enhance social relations and define roles within teams, often involving collaborative tasks to improve team performance and cohesion.

Role Negotiations

The process through which employees and employers come to mutual agreements about job duties and responsibilities.

Type A Behavior

Refers to a personality pattern characterized by high levels of competitiveness, aggressiveness, impatience, and a constant sense of urgency.