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Determine the amount to be reported as the cost of the land

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Question - On March 1, 2019, Mark Company acquired real estate on which it planned to construct a small of?ce building. The company paid $75,000 in cash. An old warehouse on the property was razed at a cost of $6,400; the salvaged materials were sold for $1,200. Additional expenditures before construction began included $800 attorney's fee for work concerning the land purchase, $3,800 real estate broker's fee, $5,800 architect's fee, and $11,000 to put in driveways and a parking lot.

Instructions - (a) Determine the amount to be reported as the cost of the land. (b) For each cost not used in part (a), indicate the account to be debited.

Reference no: EM132510703

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