On March 1, 2025, Cullumber Company acquired real estate, on which it planned to construct a...

 

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On March 1, 2025, Cullumber Company acquired real estate, on which it planned to construct a small offic building, by paying $87,000 in cash. An old warehouse on the property was demolished at a cost of $9,600 the salvaged materials were sold for $1,980. Additional expenditures before construction began included $1,480 attorney's fee for work concerning the land purchase, $5,200 real estate broker's fee, $8,980 architect's fee, and $15,400 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land. Cost of the land $ +A 125680 On March 1, 2025, Cullumber Company acquired real estate, on which it planned to construct a small offic building, by paying $87,000 in cash. An old warehouse on the property was demolished at a cost of $9,600 the salvaged materials were sold for $1,980. Additional expenditures before construction began included $1,480 attorney's fee for work concerning the land purchase, $5,200 real estate broker's fee, $8,980 architect's fee, and $15,400 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land. Cost of the land $ +A 125680

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To determine the cost of the land to be reported by Cullumber Company we need to add up all the e... View the full answer