- 37 ut of Wilson Co. purchased land as a factory site for $600,000. Wilson paid $60,000 to tear down two buildings on the land. Salvage was sold for $5,400. Legal fees of $3,480 were paid for title investigation and making the purchase. Architect's fees were $31,200. Title insurance cost $2,400, and liability insurance during construction cost $2,600. Excavation cost $10,440. The contractor was paid $2,200,000. An assessment made by the city for pavement was $6,400. Interest costs during construction were $170,000. The cost of the land that should be recorded by Wilson Co. is uestion Select one: O a. $660,480. b. $676,280. C. $666,880. O O d. $669,880. Cotton Hotel Corporation recently purchased Emporia Hotel and the land on which it is located with the plan to tear down the Emporia Hotel and build a new luxury hotel on the site. The cost of the Emporia Hotel should be Select one: a. capitalized as part of the cost of the new hotel. O b. capitalized as part of the cost of the land. O C. depreciated over the period from acquisition to the date the hotel is scheduled to be torn down. O d. written off as loss in the year the hotel is torn down