Morgan Farms purchases land for $250,000 cash. The company assumes $1,500 in property taxes due on the land. The title and attorney fees totaled $1,000. The company has the land graded for $2,200. What amount does Morgan Farms record as the cost for the land

$254,700

Explanation:

Data provided in the question

Land Purchased = $250,000

Property taxes = $1,500

Attorney fees = $1,000

Land graded = $2,200

The calculation of the cost for the land is shown below:-

Cost for the land = Land Purchased + Property taxes + Attorney fees + Land graded

= $250,000 + $1,500 + $1,000 + $2,200

= $254,700

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