Reference no: EM132432262
Question - Automated Audit Company Co. (AACC) purchased land as a factory site for $1,700,000. AACC paid $250,000 to tear down two buildings on the land. Salvage was sold for $3,800. Legal fees of $150,550 were paid for title investigation and making the purchase. An assessment made by the city for underground water and sewage systems was made for $135,000. Architect's fees for the building were $25,800. The contractor was paid a total of $4,250,500. Liability insurance during construction cost $29,500. AACC expects the building to have a useful life of 25 years. Finally, AACC paid $15,300 to pave and fence in the parking lot, which it expects to have a useful life of 7 years.
1. The cost of the land that should be recorded by AACC is
a. $1,981,750.
b. $2,096,750.
c. $2,231,750
d. $1,063,180.
2. What should one full year of depreciation expense for the land be using straight-line, assuming no expected salvage value?
a. $0.
b. $83,870.
c. $89,270.
d. $89,422.
3. What should one full year of depreciation expense for the building be using straight-line, assuming no expected salvage value?
a. $171,052.00
b. $172,232.00
c. $182,232.00
d. $177,212.00
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