Stephon Company paid ($ 640,000) cash for a tract of land on which it plans to erect
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Stephon Company paid \(\$ 640,000\) cash for a tract of land on which it plans to erect a new warehouse, and paid \(\$ 8,000\) in legal fees related to the purchase. Stephon also agreed to assume responsibility for \(\$ 25,600\) of unpaid taxes on the property. The company incurred a cost of \(\$ 28,800\) to remove an old apartment building from the land. Prepare a schedule showing the cost of the land acquired.
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Related Book For
Financial Accounting A Business Perspective
ISBN: 9780072289985
7th Edition
Authors: Roger H. Hermanson, James Don Edwards
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