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A company acquired some land for $80,000 to construct a new office complex. Legal fees paid were $2,300, delinquent taxes assumed were #3,400 and $5,850
A company acquired some land for $80,000 to construct a new office complex. Legal fees paid were $2,300, delinquent taxes assumed were #3,400 and $5,850 was paid to remove an old building from which salvaged materials sold for $950. What is the cost basis for the land?
I know the correct answer from class was $90,600 but can someone explain to me how the teacher arrived at that answer? thank you.
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