Gagner Clinic purchases land for $175,000 cash
Gagner Clinic purchases land for $175,000 cash. The clinic assumes S1.500 in property taxes due on the land. The title and attorney fees totaled 51.000. The clinic has the land graded for 52.200. What amount does Gagner Clinic record as the cost for the land?
$175,000
$157 200
$157,500
$179,700
Homework Answers
Purchase price = $175,000
Accrued property taxes = $1,500
Title and attorney fee = $1,000
Cost of grading = $2,200
Cost of land = Purchase price+ Accrued property taxes+ Title and attorney fee+ Cost of grading
= 175,000+1,500+1,000+2,200
= $179,700
Gagner Clinic record as the cost of land $179,700
Fourth option is correct.
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