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Seifield, a telescope company decided to buy some Land. The cash cost of the land was $72,000. Seinfield also had to pay a Commission to
Seifield, a telescope company decided to buy some Land. The cash cost of the land was $72,000. Seinfield also had to pay a Commission to the real estate brokers. The amount of that commission was $5,000. The Land was a mess because of so much garbage on the property. Therefore, there was also a need to clear out all the garbage and pay for it to be removed. It was a big effort and cost $7,000. Seinfield plecided to add a nice sidewalk around the entire building which cost $14,000. Under the cost principle, the cost of LAND would be recorded at
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