An old building on the property was demolished and construction began on a new warehouse that...

 

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An old building on the property was demolished and construction began on a new warehouse that was completed on October 15, 2018. Costs incurred on the construction project are listed below. Cost of building construction..... Title insurance..... Cost of constructing a driveway. Legal fees to purchase land..... Architect's fees....... Cost of demolishing the old building. Proceeds from salvaged materials from building demolition..... Delinquent property taxes, January 1-June 30, 2018...... Interest during construction on the construction loan... Cost of parking lot and fencing..... Cost of grading and filling the land.. Excavation costs.... ****** $620,000 1,500 8,000 1,000 20,000 8,500 (1,200) 3,000 12,000 10,000 9,000 30,000 Required: Determine the cost of the land, the building and the land improvements. Please show your work for partial credit. An old building on the property was demolished and construction began on a new warehouse that was completed on October 15, 2018. Costs incurred on the construction project are listed below. Cost of building construction..... Title insurance..... Cost of constructing a driveway. Legal fees to purchase land..... Architect's fees....... Cost of demolishing the old building. Proceeds from salvaged materials from building demolition..... Delinquent property taxes, January 1-June 30, 2018...... Interest during construction on the construction loan... Cost of parking lot and fencing..... Cost of grading and filling the land.. Excavation costs.... ****** $620,000 1,500 8,000 1,000 20,000 8,500 (1,200) 3,000 12,000 10,000 9,000 30,000 Required: Determine the cost of the land, the building and the land improvements. Please show your work for partial credit.

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