Business, 26.01.2021 03:10 behemoth42

Sheridan Company purchased land as a factory site for $1350000. Sheridan paid $114000 to tear down two buildings on the land. Salvage was sold for $8100. Legal fees of $5060 were paid for title investigation and making the purchase. Architect's fees were $47000. Title insurance cost $3500, and liability insurance during construction cost $3800. Excavation cost $15060. The contractor was paid $4500000. An assessment made by the city for pavement was $9800. Interest costs during construction were $257000. The cost of the land that should be recorded by Wilson Co. is:
a. $989,880
b. $980,480
c. $996,280
d. $986,880
The cost of the building should be recorded by Wilson Co. is:
a. 2,804,840
b. 2,813,200
c. 2,803,800
d. 3,014,240

Answers: 2

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Sheridan Company purchased land as a factory site for $1350000. Sheridan paid $114000 to tear down t...