The Ace Company purchased some land as a new factory site. They spent $300,000 on the land.
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Question:
The Ace Company purchased some land as a new factory site. They spent $300,000 on the land. In addition, they paid $20,000 for taxes, $12,000 of which were taxes from previous years and $8,000 for the upcoming year. They spent $30,000 leveling the land and then began construction of the new building. The land after these transactions should have a balance of:
A. $$350,000
B. $342,000
C. $312,000
D. Some other amount.
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