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Tule Co. purchased land for construction of a factory for $21,879,000. The company also paid $2,625,000 to remove an old building, then installed pavement for
Tule Co. purchased land for construction of a factory for $21,879,000. The company also paid $2,625,000 to remove an old building, then installed pavement for $210,000. Legal fees of $183,800 were paid for the title search, $1,404,400 to the architect, $2,100,000 for excavation, and $87,516,000 for constructing the building. Title insurance was $16,500 and liability insurance during construction was $247,500. How much should Tule Co. recognize as the cost of the land?
$28,246,200
$24,914,300
$26,594,300
$24,494,300
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