A Company Purchased Land on Which to Construct a New

question 210

Essay

A company purchased land on which to construct a new building for a cost of $350,000.Additional costs incurred were:
$$\begin{array} { l l } \text { Real estate broker's commissions } & \$ 24,500 \\\text { Legal fees incurred in purchase of the real estate } & 1,500 \\\text { Landscaping } & 8,000 \\\text { Cost to remove old house located on land } & 3,000 \\\text { Proceeds from selling materials salvaged from old house } & 1,000\end{array}$$
What total dollar amount should be charged to Land and what amount should be charged to Building or other accounts?

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