Current Attempt in Progress Metlock Inc. purchased land at a price of $33,200. Closing costs were $2,220. An old building was removed at a cost of $11,370. What amount should be recorded as the cost of the land? The cost of land to be recorded eTextbook and Media Attempts: 0 of 10 used Current Attempt in Progress Concord Co. purchased land as a factory site for $440,000. The process of tearing down two old buildings on the site and constructing the factory required 6 months The company paid $46,200 to raze the old buildings and sold salvaged lumber and brick for $6,930. Legal fees of $2,035 were paid for title investigation and drawing the purchase contract. Concord paid $2,420 to an engineering firm for a land survey, and $74,800 for. drawing the factory plans. The land survey had to be made before definitive plans could be drawn. Title insurance on the property cost $1,650, and a liability insurance premiumpaid during construction was $990. The contractor's charge for construction was $3,014,000. The company paid the contractor in two instaliments: $1,320,000 at the end of 3 months and $1,694,000 upon completion Interest costs of $187,000 were incurred to finance the construction. Determine the cost of the land and the cost of the bullding as they should be recorded on the books of Concord Co. Assume that the land survey was for the building Cost of the Land Cost of the Buiding