A company purchased land for $80,000. They were required to pay back taxes of $5,000 and...
A company purchased land for $80,000. They were required to pay back taxes of $5,000 and incurred legal fees of $2,000. They also paid $250,000 to build a warehouse on the land. What is the cost of the land that would be recorded on the balance sheet?
a) $337,000
b) $80,000
c) $85,000
d) $87,000
Homework Answers
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Cost of land on balance sheet = Purchase price + Payback taxes + Legal fees = 80,000 + 5,000 + 2,000 = 87,000 Option D is the answer |
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