Taylor Computer Services purchased a tract of land and contracted with a builder to build an office
Fantastic news! We've Found the answer you've been seeking!
Question:
Taylor Computer Services purchased a tract of land and contracted with a builder to build an office building, a parking lot, and landscaping. The following transactions resulted from the contractor's activities. Determine the total costs allocated to the land, building, and land improvements accounts.
Purchased land for $135,000
Paid a demolition company $40,000 to remove an old structure on the property
Paid $14,000 in delinquent taxes on the property
Paid the contractor $333,000 to design and build the office building
Paid $34,700 for fencing
Paid $39,500 for paving
Paid an electrical contractor $14,900 for outdoor lighting
Calculate:
a. Cost of land?
b. Cost of building?
c. Cost of land improvements?
Related Book For
Posted Date: