Blossom Corp purchased land as a factory site for $250000. They paid $11000 to tear down two buildings on the land, and the salvage from these old buildings was sold for $1.300. Legal fees of $850 were paid for title investigation and making the purchase. Architect's fees were $10310. Title insurance cost $600, and liability insurance during construction cost $650. Excavation costs were $2500 A contractor was paid $600000 to construct the new building An assessment made by the city for pavement was $1600. Interest costs during construction were $42600. The cost of the building should be recorded at $653560 $653660 $656060 Ⓒ$655810

Blossom Corp purchased land as a factory site for $250000. They paid $11000 to tear down two buildings on the land, and the salvage from these old buildings was sold for $1.300. Legal fees of $850 were paid for title investigation and making the purchase. Architect's fees were $10310. Title insurance cost $600, and liability insurance during construction cost $650. Excavation costs were $2500 A contractor was paid $600000 to construct the new building An assessment made by the city for pavement was $1600. Interest costs during construction were $42600. The cost of the building should be recorded at $653560 $653660 $656060 Ⓒ$655810

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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