Eagle Country Club Has Acquired a Lot to Construct a Clubhouse

question 24

Essay

Eagle Country Club has acquired a lot to construct a clubhouse. Eagle had the following costs related to the construction: $\begin{array}{lr}\text { Architects' fees } & 45,000 \\\text { Construction labor } & 80,000 \\\text { Engineers' fees } & 15,000 \\\text { Fences around building } & 9,000 \\\text { Grading and leveling } & 10,000 \\\text { Insurance costs incurred during construction } & 7,000 \\\text { Interest on money borrowed for construction } & 5,000 \\\text { Land } & 73,000 \\\text { Buil ding Materials } & 237,000 \\\text { Sales taxes } & 6,000 \\\text { Trees and shrubs } & 6,000\end{array}$ ​
Determine the cost of the club house to be reported on the balance sheet.

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Definitions:

Prospectors

Prospectors are individuals who search for mineral deposits, particularly gold and other precious metals, often in the context of historical gold rushes.

Mining Syndicates

Groups of investors or companies joined together for the purpose of resource extraction, particularly in the mining sector, pooling resources and sharing risks and profits.

Indian Affairs

Policies and actions relating to the management, interaction, and relations between the United States government and Native American tribes and individuals.

Royal Mounted Police

Refers to the Royal Canadian Mounted Police (RCMP), a national police service in Canada known for both community policing and federal law enforcement functions.