Reference no: EM132715385
Question: 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:
Item Amount
Demolition dilapidated building $2,200
Architect Fees $11,250
Legal Fees - for title search $1,550
Interest During Active Construction Period $5,025
Real estate transfer tax $1,050
Construction Costs $605,000
Using this information, 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.
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