Question
Keaubie Co. purchased land at a cost of $250,000 cash. The property had a building on it that was demolished at a cost of $10,000.Proceeds
Keaubie Co. purchased land at a cost of $250,000 cash. The property had a building on it that was demolished at a cost of $10,000.Proceeds from salvaged materials from the demolition amounted to $2100.Attorney's fees were $3,100 and the real estate broker's commission was $2,450.Determine the cost of the land.Journalize the purchase.
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Financial Reporting And Analysis
Authors: Lawrence Revsine, Daniel Collins
4th Edition
0073527092, 978-0073527093
