Solution-What is the cost of the land

What is the cost of the land

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Reference no: EM132601181

Question - An entity purchased attract of land as an investment property. The entity razed an old building on the property.

Purchase price of land and an old building	4,000,000
Fair value of old building	300,000
Demolition of old building	200,000
Proceeds from sale of salvaged materials	20,000
Legal fees for purchase contract and recording ownership	150,000
Title guarantee insurance	50,000
Payment of property taxes in arrears on land	100,000
Option paid for an alternative land not acquired	30,000
Special assessments for city improvements	120,000

Required - What is the cost of the land?

Reference no: EM132601181

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What is the cost of the land : Question - An entity purchased attract of land as an investment property. The entity razed an old building on the property. What is the cost of the land

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What is the cost of the land

Reference no: EM132601181

Reference no: EM132601181

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