Question: Leslie Manufacturing Company purchased land adjacent to its factory for
Leslie Manufacturing Company purchased land adjacent to its factory for the installation of a holding area for equipment. Expenditures by the company were as follows: purchase price, $ 173,000; paving, $ 5,300; title search and other fees, $ 760; grading, $ 3,000; demolition of a shack on the property, $ 4,600; lighting, $ 8,200; signs, $ 2,850; broker’s fees, $ 10,240; and landscaping, $ 10,600. Determine the amount that should be debited to the Land account and record the journal entry assuming that Leslie purchased the land with cash.
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