Business, 22.07.2021 22:30, ktprada

A company purchased property for a building site. The costs associated with the property are given below. Purchase price = $175,000
Real estate commissions = $15,000
Legal fees = $800
Expenses of clearing the land = $2,000
Expenses to remove old building = $1,000
1. What portion of these costs should be allocated to the cost of the land and what portion should be allocated to the cost of the new building?
2. Prepare the journal entry to record these costs.

Answers: 2

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A company purchased property for a building site. The costs associated with the property are given b...