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What portion of these costs should be allocated to the cost

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Question - Merchant Company purchased property for a building site. The costs associated with the property were:

Purchase price $178,000

Real estate commissions 15,300

Legal fees 1,100

Expenses of clearing the land 2,300

Expenses to remove old building 1,300

Required - What portion of these costs should be allocated to the cost of the land and what portion should be allocated to the cost of the new building?

Reference no: EM133074240

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