How much will be capitalized to land in fiscal 2023

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Question: On March 1, 2023, Pear Company (PC) had been renting its office building for several years and decided to have a new office building constructed. On April 1, 2023, it acquired land with an abandoned warehouse on it for $100,000. Other costs included: Demolition of warehouse 20,000 Legal fees for purchase of land 2,400 Construction costs of new building 400,000 Proceeds from salvage of warehouse materials 4,000 Installation of wiring and plumbing fixtures 16,000 Architectural fees 24,000 How much will be capitalized to "land" in fiscal 2023?

Reference no: EM133609091

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