During the year, More Value purchased a new building at a cost of $226,700. The company also
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During the year, More Value purchased a new building at a cost of $226,700. The company also paid the following amounts in connection with the building:
Architects' fees to make necessary modifications, $1,700;
Sales tax, $1,600;
Modification costs, $9,200;
Vandalism during construction, $975;
Permits, $1,400.
Before acquiring the permit, the city charged the company $750 for not receiving the permit in a timely manner.
At what cost should the building be recorded on the balance sheet?
Related Book For
Introduction To Federal Income Taxation In Canada
ISBN: 9781554965021
33rd Edition
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett
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