What amounts should be reported as the cost of land, Accounting Basics

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What amounts should be reported as the cost of land

During 2005, Burr Co. had the following transactions pertaining to its new office building:

Purchase price of land $ 60,000
Legal fees for contracts to purchase land 2,000
Architects' fees 8,000
Demolition of old building on site 5,000
Sale of scrap from old building 3,000
Construction cost of new building (fully completed) 350,000

In Burr's December 31, 2005 balance sheet, what amounts should be reported as the cost of land and cost of building?

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Accounting Basics: What amounts should be reported as the cost of land

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Accounting Basics: What amounts should be reported as the cost of land

Reference No:- TGS053429

Recent Questions Asked Accounting Basics

Q : Most adequate mixture of debt and equity

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Q : Identify one approach

Q : Rulings issued by the irs

Q : What amounts should be reported as the cost of land

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