On March 1, 2024, Beldon Corporation purchased land as a factory site for $60,000. An old building
Question:
On March 1, 2024, Beldon Corporation purchased land as a factory site for $60,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2024. Costs
incurred during this period are listed below:
Salvaged materials resulting from the demolition of the old building were sold for $2,000.
Required:
Determine the amounts that Beldon should capitalize as the cost of the land and the new building.
Transcribed Image Text:
Demolition of old building Architect's fees (for new building) Legal fees for title investigation of land Property taxes on land (for period beginning March 1, 2024) Construction costs Interest on construction loan $ 4,000 12,000 2,000 3,000 500,000 5,000
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Capitalized cost of land Purchase price 60000 Demolition of old build...View the full answer
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