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please help me solve this table. thank you Wemer's Fish House purchases a tract of land and an existing building for $870,000. The company plans
please help me solve this table. thank you
Wemer's Fish House purchases a tract of land and an existing building for $870,000. The company plans to remove the old building and construct a new restaurant on the site. In addition to the purchase price. Werner pays closing costs, including title Insurance of $1700. The company also pays $11.400 in property taxes, which includes $7700 of back taxes (unpaid taxes from previous years) paid by Werner on behalf of the seller and $3700 due for the current fiscal year after the purchase date. Shortly after closing the company pays a contractor $43.500 to tear down the old building and remove it from the site. Werner is able to sell salvaged materials from the old building for $6.600 and pays an additional $11,800 to level the land. Required: Determine the amount Werner's Fish House should record as the cost of the land. (Amounts to be deducted should be indicated by a minus sign.) Total cost of the land Step by Step Solution
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