Question
Emily purchased a building to store inventory for her business. The purchase price was $895,000. Emily also paid legal fees of $450 to acquire the
Emily purchased a building to store inventory for her business. The purchase price was $895,000. Emily also paid legal fees of $450 to acquire the building. In March, Emily incurred $2,000 to repair minor leaks in the roof (from storm damage earlier in the month) and $5,300 to make the interior suitable for her finished goods.
What is Emilys cost basis in the new building?
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Intermediate Accounting Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
17th Edition
1119613698, 978-1119613695
