Reference no: EM132741856
On February 1, 2019, Nelson Corporation purchased a parcel of land as a factory site for €200,000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2019.
Costs incurred during this period are listed below:
Demolition of old building €20,000
Architect's fees €35,000
Legal fees for title investigation and purchase contract €5,000
Construction costs €1,090,000
(Salvaged materials resulting from demolition were sold for €10,000.)
Problem 1: Nelson should record the cost of the land and new building, respectively, as:
Option 1: €225,000 and €1,115,000.
Option 2: €215,000 and €1,125,000.
Option 3: €210,000 and €1,125,000.
Option 4: €210,000 and €1,130,000.
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What nelson should record the cost of the land
: What Nelson should record the cost of the land and new building, respectively, as? (Salvaged materials resulting from demolition were sold for €10,000.)
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