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How much should be recorded as the cost of the land

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February 1, 2018, Salisbury Company purchased land for the future factory location at a cost of $82,000. The dilapidated building that was on the property was demolished so that construction could begin on the new factory building. The new factory was completed on November 1, 2018.

Costs incurred during this period were:

Amount

Demolition dilapidated building - $2,800

Architect Fees - $11,250

Legal Fees - for title search - $1,500

Interest During Active Construction Period - $5,025

Real estate transfer tax - $1,350

Construction Costs - $605,000

Question 1: Using this information, how much should be recorded as the cost of the land?

Reference no: EM132495713

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