9.02 PM edugen.wileyplus.com Business CommunicationTerm Project Topics o WileyPL
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9.02 PM edugen.wileyplus.com Business CommunicationTerm Project Topics o WileyPLUS UNNING HEAD IN SO C Kimmel, Accounting, 4e NEXT Exercise 9-3 small office building, by ty was demolished at a cost of $9,080; the salvaged materials On March 1, 2012, Enrique Company acquired real estate, on which it planned to construct a paying $86,600 in cash. An old warehouse on the proper were sold for $1,610. Additional expenditures before construction began concerning the land purchase, $5,580 real estate broker's fee, $9,110 architect's fee, and $13,920 to put in driveways a parking lot. included $1,120 attomey's fee for work (a) 3 Your answer is incorrect. Try again Determine the amount to be reported as the cost of the land Cost of land Show Work is REQUIRED for this question: Geen Show Work udy Attempts: 2 of s used BAVE FOR LATER SUBHIY ANSWER rated con panes. Al ng ta reserved Copyright © 2000-2016 by John Wiley & Sons, inc orExplanation / Answer
On March 1, 2012, Enrique Company acquired real estate, on which it planned to construct a small office building, by paying $86,600in cash.
Add to Land account.
An old warehouse on the property was demolished at a cost of $9,080
Add to Land account.
the salvaged materials were sold for $1,610
Subtract from Land account.
Additional expenditures before construction began included $1,120 attorney's fee for work concerning the land purchase,
Add to Land account.
$5,580 real estate broker's fee,
Add to Land account.
$9,110 architect's fee,
Add to Building account.
and $13,920 to put in driveways and a parking lot.
Add to Land Improvements account.
86,600 + 9,080- 1,610 + 1,120 + 5,580= $110,770 total cost of land
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