A builder paid $120,000 for a house and lot. The value of the land was appraised at
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A builder paid $120,000 for a house and lot. The value of the land was appraised at $65,000, and the value of the house at $55,000. The house was then torn down at an additional cost of $8,000 so that a warehouse could be built on the lot at a cost of $50,000. What is the total value of the property with the warehouse? For depreciation purposes, what is the cost basis for the warehouse?
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Total property value with the warehouse land building Original cost 65000 55000 Adjustmen...View the full answer
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