Find the cost of the land that should be recorded

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Question - Vaughn Manufacturing purchased land as a factory site for $1345000. Vaughn paid $116000 to tear down two buildings on the land. Salvage was sold for $8100. Legal fees of $5500 were paid for title investigation and making the purchase. Architect's fees were $46900. Title insurance cost $3900, and liability insurance during construction cost $4200. Excavation cost $15860. The contractor was paid $4300000. An assessment made by the city for pavement was $9500. Interest costs during construction were $260000.

Find the cost of the land that should be recorded by Vaughn Manufacturing?

a. $1485500.

b. $1476000.

c. $1471800.

d. $1462300.

Reference no: EM132601571

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