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What is the capitalized cost of the office building

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Reference no: EM132999075

Problem 1: BTS Inc purchased land for an office building for P25,000,000. All other closing costs amounted to P700,000. The company paid P1,500,000 to tear down an on building on the land. Scrap materials were sold for P80,000. Excavation cost was P200,000. The architect and the contractor were paid a total of P20,000,000. The company paid P350,000 for legal fees and damages caused during construction. The company did not pay for insurance during construction. What is the capitalized cost of the office building?

Reference no: EM132999075

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