=+E7-3 Determine cost ofland Obj 1 / $224,650 Next Day Delivery Company acquired an adjacent lot to
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=+E7-3 Determine cost ofland Obj 1
/ $224,650 Next Day Delivery Company acquired an adjacent lot to construct a new warehouse, paying
$25,000 and giving a short-term note for $175,000. Legal fees paid were $1,200, delinquent taxes assumed were $10,850, and fees paid to remove an old building from the land were $15,000.
Materials salvaged from the demolition ofthe building were sold for $2,400. A contractor was paid $760,000 to construct a new warehouse. Determine the cost ofthe land to be reported on the balance sheet.
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