Chapter 10 Acquisition and Disposition of Property, Plant and Equipment<\/p>
On July 1, 2018, Forward Corporation purchased a parcel of land as a factory site for $185,000. An old building on the property was demolished and construction began on a new warehouse that was completed on October 15, 2018. Costs incurred on the construction project are listed below.<\/span><\/p> Cost of building construction $620,000<\/p> Title insurance 1,500<\/p> Cost of constructing a driveway. 8,000<\/p> Legal fees to purchase land. 1,000<\/p> Architects fees. .. 20,000<\/p> Cost of demolishing the old building.. 8,500<\/p> Proceeds from salvaged materials from building demolition.. (1,200)<\/p> Delinquent property taxes, January 1- June30, 2016 3,000<\/p> Interest during construction on the construction loan.. 12,000<\/p> Cost of parking lot and fencing 10,000<\/p> Cost of grading and filling the land.. 9,000<\/p> Excavation costs 30,000<\/p> Determine the cost of the land, the building and the land improvements. <\/span> Please show work as to how you arrived at your answer.<\/strong><\/p>",
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