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What is the initial cost of the building

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Question - On January 1, 2018, an SME acquired a building for 10,450,000 including 500,000 non-refundable purchase taxes. The purchase agreement provided for payment to be made in full on December 31, 2018. Legal fees of 220,000 were incurred in acquiring the building and paid on January 1, 2018. The building is held to earn lease rentals and for capital appreciation. An appropriate discount rate is 10%. What is the initial cost of the building?

Reference no: EM132781043

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