Solution-What amount should be recorded for the purchase of

What amount should be recorded for the purchase of the land

Reference no: EM132786994

Company incurred the following costs associated with the purchase of a piece of land that will use to re build an office building.

Sale price of land $400,000
Sale of salvage parts already on land $20,000
Demolition of old building $30,000
Groundbreaking ceremony (food and supplies) $1,500
Land preparation and leveling $7,500

Problem 1: What amount should be recorded for the purchase of the land?

Reference no: EM132786994

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What amount should be recorded for the purchase of the land : What amount should be recorded for the purchase of the land? Groundbreaking ceremony (food and supplies) $1,500. Land preparation and leveling $7,500

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What amount should be recorded for the purchase of the land

Reference no: EM132786994

Reference no: EM132786994

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