Sheffield Corp, purchased land as a factory site for $1310000. Sheffield paid $1

Question

Sheffield Corp, purchased land as a factory site for $1310000. Sheffield paid $119000 to tear down two buildings on the land. Salvage was sold for paid for title investigation and making the purchase. Architect's fees were $46100. Title insurance cost $3 $15160. The contractor was paid $4200000. An $8200. Legal fees of $5140 were 800, and liability insurance during construction cost $4100. Excavation cost assessment made by the city for pavement was $9900. Interest costs during construction were $254000, The cost of the building that should be recorded by Sheffield Corp. is O $4519360. 4205800. O $4220200. $ 4206660.

Explanation / Answer

Answer = 4,519,360

Cost of Building = Contractor cost + Architect's fees + Liability insurance during construction + Excavation cost + Interest cost during construction

= 4,200,000 + 46,100 + 4,100 + 15,160 + 254,000

Cost of Building = 4,519,360

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