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A BE9.1 (LO 1) AP The following costs were incurred by Shumway Company in purchasing land: cash price, $85,000; legal lees, $1,500; removal of old

A BE9.1 (LO 1) AP The following costs were incurred by Shumway Company in purchasing land: cash price, $85,000; legal lees, $1,500; removal of old building, $5,000; dearing and grading, $3,500; installation of a paling lot, $5,000. (a) What is the cost of the land? (b) What is the cost of the land improvements

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