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v Oriole Chrome Bumpers bought two acres of land with an old office building on it that was deemed unusable. The cost was $528,000 of
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Oriole Chrome Bumpers bought two acres of land with an old office building on it that was deemed unusable. The cost was $528,000 of which Oriole Chrome paid $88,000 in cash as a down payment and signed a 7% mortgage for the remainder, Oriole Chrome immediately had the old building rared at a totai cost of $9,510 and sold the salvaged materials for $2,360. Attomeys. were paid $1,180 in connection with the purchase. The architects fee for drawing building plans for the new building cost 57,540, Oriole Chrome paid $3,300 in connection with permits and zoning variances necessary prior to construction of the new building. Oriole Chrome paid the contractor $1,562,000 for construction of the new bulilding along with $46,200 for a parking lot and necessary walkways and driveways. Answer the following question. (a) At what amount should the land be recorded? Oriole Chrome Bumpers bought two acres of land with an old office building on it that was deemed unusable. The cost was $528,000 of which Oriole Chrome paid $88,000 in cash as a down payment and signed a 7% mortgage for the remainder, Oriole Chrome immediately had the old building rared at a totai cost of $9,510 and sold the salvaged materials for $2,360. Attomeys. were paid $1,180 in connection with the purchase. The architects fee for drawing building plans for the new building cost 57,540, Oriole Chrome paid $3,300 in connection with permits and zoning variances necessary prior to construction of the new building. Oriole Chrome paid the contractor $1,562,000 for construction of the new bulilding along with $46,200 for a parking lot and necessary walkways and driveways. Answer the following question. (a) At what amount should the land be recorded Step by Step Solution
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