Record the cost of the land and new building

Reference no: EM1378232

On February 2007, Reflection Corporation purchased a parcel of land as a factory site for $50,000. An old building on the property was demolished, and construction began on a new building which was completed on 1st November, 2007. Costs incurred during this period are listed below:

Demolition of old building $ 4,000

Architect's fees 10,000

Legal fees for title investigation and

Purchase contract 1,000

Construction costs 500,000

(Salvaged materials resulting from demolition were sold for $1,000)

Evaluate reflection should record the cost of the land and new building

Reference no: EM1378232

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