These expenditures were incurred by Knight Ltd in purchasing land: cash price $180 000; rates $10 000;
Question:
These expenditures were incurred by Knight Ltd in purchasing land: cash price $180 000; rates $10 000; solicitor’s fees $9500; real estate agent’s commission $8100; clearing and grading $7000, and fencing $5000. What is the cost of the land, assuming all figures:
(a) Are GST exclusive
(b) Include GST at a rate of 10%
(c) Include GST at a rate of 15%?
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a All the figures provided are GSTexclusive This me...View the full answer
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