Question
David Inc. incurred the following costs associated with the purchase of a piece of land that it will use to build an office building: Sale
David Inc. incurred the following costs associated with the purchase of a piece of land that it will use to build an office building:
Sale price of land $500,000
Sale of salvaged material on land 20,000
Demolition of old building on land 10,000
Ground breaking ceremony refreshments 1,500
Legal fees to lawyers for the deed 7,500
What amount should David Inc. record the land for?
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Financial Accounting For Decision Makers
Authors: DeFond, Mark
3rd Edition
1618534432, 9781618534439
