Suppose that Blossom acquires land for $$70000$ cash. Additional costs are as follows.

Removal of shed

$$200$

Filling and grading

$1000$

Salvage value of lumber of shed

$100$

Broker commission

$1050$

Paving of parking lot

$8000$

Closing costs

$400$

Blossom will record the acquisition cost of the land as ?

  

Answer rating: 100% (QA)

To calculate the acquisition cost of the land we need to sum up all the costs associated ... View the full answer