On January 6, Year 1, Sokolov Corporation purchased a tract of land for a factory site for
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Question:
On January 6, Year 1, Sokolov Corporation purchased a tract of land for a factory site for $1,500,000. An existing building on the site was demolished and the new factory was completed on October 11, Year 1. Additional cost data are shown below:
Construction cost of new building | $ | 1,760,000 | |
Real estate and attorney fees | 15,400 | ||
Architect fees | 138,000 | ||
Cost to demolish old building | 133,200 | ||
Salvage recovery from old building | (11,000 | ) |
Which of the following are the capitalized costs of the land and the new building, respectively?
A) $1,637,600 and $1,898,000
B) $1,515,400 and $2,020,200
C) $1,648,600 and $1,887,000
D) $1,500,000 and $2,035,600
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