Homework Answers
The cost of land to be reported in the balance sheet is 326210
EXPLANATION:-
| Cost of adjacent lot | 27000 |
| Note payable for the adjacent lot | 268000 |
| Legal fees | 1910 |
| Delinquent taxes | 11100 |
| Removal cost | 22600 |
| Less: Salvage material | (4400) |
| Total cost of land | 326210 |
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