Business
Business, 21.11.2019 00:31, steelemaddie20

On february 1, 2020, nelson corporation purchased a parcel of land as a factory site for $320,000. an old building on the property was demolished, and construction began on a new building which was completed on november 1, 2020. costs incurred during this period are listed below:
demolition of old building $ 20,000architect's fees 35,000legal fees for title investigation and purchase contract 5,000construction costs 1,390,000(salvaged materials resulting from demolition were sold for $10,000.)
nelson should record the cost of the land and new building, respectively, as?

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On february 1, 2020, nelson corporation purchased a parcel of land as a factory site for $320,000. a...

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