Question
Sterling Auto of Columbus purchased a $500,000 tract of land that is intended to be the site of a new office complex. The company incurred
Sterling Auto of Columbus purchased a $500,000 tract of land that is intended to be the site of a new office complex. The company incurred additional costs and realized salvage proceeds as follows:
Demolition of existing building on site
Legal and other fees to close escrow
Proceeds from sale of demolition scrap
$ 75,000
15,000
10,000
What would be the cost of the land?
O $500,000.
O $575,000.
O $580,000
O $590,000
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Accounting For Non-Accounting Students
Authors: John R. Dyson, Ellie Franklin
9th Edition
978-1292128979, 1292128976
