Lavallee Self Storage purchased the land with a down payment of $160,000 in cash and signing a
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Question:
Lavallee Self Storage purchased the land with a down payment of $160,000 in cash and signing a contract for $175,000.
Promissory note payable for the balance. Lavallee also had to pay an overdue estate tax of $1,500.
Title insurance costing $6,000 and $9,000 to level the land and remove an unwanted building. the company paid
He built an office building at a cost of $54,000 and then $650,000 to add soil for the foundation.
Also $52,000 for the fence around the property, $15,000 for the company sign near the entrance, and
$4,000 for floor lighting.
Necessity
1. Determine the cost of Lavallee's land, land improvements and construction.
Related Book For
Financial accounting
ISBN: 978-0136108863
8th Edition
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
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