Landon Co. purchased a $500,000 tract of land that is intended to be the site of a new office complex. Landon incurred additional costs and realized salvage proceeds as follows:

Demolition of the existing building on site	$75,000
Legal and other fees to close escrow	15,000
Proceeds from the sale of demolition scrap	10,000

What would be the capitalized cost of the land?

Answer rating: 100% (QA)

Acquired cost of land 500000 deamination of existing building 75000 l... View the full answer