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Question - Franks Logistics Ltd is constructing a new warehouse facility in western Sydney near the proposed second airport and adjacent to the M7 freeway. The purchase of the land occurred and warehouse construction commenced on 1 July 2016. It was ready for use on 31 May 2017, and operations commenced on 30 June 2017. Franks incurs a many costs in building the warehouse and it needs to determine those that should be recognised in the cost of the warehouse on initial recognition. These costs include:
Purchase cost of land
$10,000,000
Legal fees on acquisition
$50,000
Stamp duty
$750,000
Auction fees paid by the vendor
$40,000
Demolition of existing structure
$500,000
Bribe paid to local council official for recommending rezoning
$25,000
Cost of CEO salary for time taken to find site
$60,000
Contract payments for the construction of the warehouse (fixed price)
$20,000,000
Contract payments for construction of the warehouse (variations)
$2,000,000
Fines paid for Workcover (OH&S) breaches on the site
$37,500
Interest on $10m loan to purchase the land
$1,200,000
Landscaping of area surrounding warehouse
$90,000
Replanting of trees (landscaping) damaged by street races
$10,000
Purchase of e-tags for trucks
$100,000
Local Government / Council rates for the year
Required - Calculate the cost of the initial recognition of the warehouse. Do not distinguish land and building and ensure to show all working where required.
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