Vijay Inc. purchased a three-acre tract of land for a building site for $320,000. On the...
Vijay Inc. purchased a three-acre tract of land for a building site for $320,000. On the land was a building with an appraised value of $120,000. The company demolished the old building at a cost of $12,000, but was able to sell scrap from the building for $1,500. The cost of title insurance was $900 and attorney fees for reviewing the contract were $500. Property taxes paid were $3,000, of which $250 covered the period subsequent to the purchase date. The capitalized cost of the land is:
A. $336,400.
B. $336,150.
C. $334,650.
D. $201,150.
Homework Answers
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Capitalized cost of land = 320,000 + 12,000 - 1,500 + 900 + 500 + (3000-250) = 334,680 Option C is the answer Comment if you face any issues |
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