On February 1, 2025, Vaughn Manufacturing purchased a parcel of land as a factory site for...
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On February 1, 2025, Vaughn Manufacturing purchased a parcel of land as a factory site for $311000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2025. Costs incurred during this period are listed below: Demolition of old building Architect's fees $ 19400 36900 Legal fees for title investigation and purchase contract 4700 1376000 Construction costs (Salvaged materials resulting from demolition were sold for $10000.) Vaughn should record the cost of the land and new building, respectively, as On February 1, 2025, Vaughn Manufacturing purchased a parcel of land as a factory site for $311000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2025. Costs incurred during this period are listed below: Demolition of old building Architect's fees $ 19400 36900 Legal fees for title investigation and purchase contract 4700 1376000 Construction costs (Salvaged materials resulting from demolition were sold for $10000.) Vaughn should record the cost of the land and new building, respectively, as
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Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
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