A land developer purchased some farmland to build a suburb. The full cost was $2,000,000 and the
Fantastic news! We've Found the answer you've been seeking!
Question:
A land developer purchased some farmland to build a suburb. The full cost was $2,000,000 and the package was appraised as follows: land: $1,200,000; buildings, $900,000; land improvements, $300,000. In addition, the developer spent $550,000 installing utilities, $1,300,000 preparing the streets and $300,000 building a parking lot. The developer received $100,000 when the topsoil was sold. What amount should be recorded in the Land Improvements account?
Related Book For
Modern Advanced Accounting in Canada
ISBN: 978-1259087554
7th edition
Authors: Hilton Murray, Herauf Darrell
Posted Date: