Business
Business, 14.08.2020 03:01, SaliJano8950

Vijay Inc. purchased a 3-acre tract of land for a building site for $420,000. 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 was $500. Property taxes paid were $3,000, of which $500 covered the period subsequent to the purchase date. The capitalized cost of the land is:

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Vijay Inc. purchased a 3-acre tract of land for a building site for $420,000. On the land was a buil...

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