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Question - Vaughn Manufacturing purchased land as a factory site for $1345000. Vaughn paid $110000 to tear down two buildings on the land. Salvage was sold for $8500. Legal fees of $5300 were paid for title investigation and making the purchase. Architect's fees were $46700. Title insurance cost $4000, and liability insurance during construction cost $4300. Excavation cost $15640. The contractor was paid $4400000. An assessment made by the city for pavement was $9700. Interest costs during construction were $252000.
Find the cost of the land that should be recorded by Vaughn Manufacturing?
a. $1479700.
b. $1455800.
c. $1465500.
d. $1470000.
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