Discuss about the tract of land for a factory site

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Question: On January 6, 2014, the Eldorado Corporation purchased a tract of land for a factory site for $650,000. An existing building on the site was demolished and the new factory was completed on October 11, 2014. Additional cost data are shown below:

  Title search and transfer documents $ 1,875
  Construction cost of new building
1,120,000
  Real estate and attorney fees
8,125
  Costs to level the land
4,750
  Architects' fees
12,500

Which of the following correctly states the cost that should be recorded for

(a) the land and

(b) the new building?

$651,875/$1,145,375

$664,750/$1,132,800

$677,250/$1,120,000

$664,750/$1,132,500

Reference no: EM131759723

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