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need help asap please. its principal of accounting uestion 2 Rainbow Logistics purchased land with the intention of building an office. Rainbow also engaged other
need help asap please. its principal of accounting
uestion 2 Rainbow Logistics purchased land with the intention of building an office. Rainbow also engaged other contractors for fencing, paving, lighting, landscaping, and to remove a dilapidated building to make room for new office building. The following information relates to these transactions: (10 Marks). Purchased land for $ 350,000 Paid $ 4,000 for seller's back property taxes Paid $ 22,000 to have the dilapidated building removed. Paid a builder $ 400,000 to design and build the office building Paid an excavation company $ 20,000 to grade and clear the land to make it suitable for building purposes. Paid a landscaping company $ 10,000 for trees and shrubs. Paid a contractor $ 16,000 for outside lighting around the parking area and sidewalks. Paid $ 26,000 to have the parking lot paved. Paid a fence builder $ 15,000 to construct a security fence around the property. Instructions Determine the cost of the land, the building, and the land improvements Land Building - Ini Step by Step Solution
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