On january 1 2014 blair corporation purchased for 500000 a


On January 1, 2014, Blair Corporation purchased for $500,000 a tract of land (site number 101) with a building. Blair paid a real estate broker's commission of $36,000, legal fees of $6,000, and title guarantee insurance of $18,000. The closing statement indicated that the land value was $500,000 and the building value was $100,000. Shortly after acquisition, the building was razed at a cost of $54,000.

Compute the cost that should be assigned to land

Request for Solution File

Ask an Expert for Answer!!
Financial Accounting: On january 1 2014 blair corporation purchased for 500000 a
Reference No:- TGS01006351

Expected delivery within 24 Hours