question archive Vaughn Manufacturing purchased land as a factory site for $1345000
Vaughn Manufacturing purchased land as a factory site for $1345000
Subject:AccountingPrice: Bought3
Vaughn Manufacturing purchased land as a factory site for $1345000. Vaughn paid $116000 to tear down two buildings on the land. Salvage was sold for $8100. Legal fees of $5500 were paid for title investigation and making the purchase. Architect's fees were $46900. Title insurance cost $3900, and liability insurance during construction cost $4200. Excavation cost $15860. The contractor was paid $4300000. An assessment made by the city for pavement was $9500. Interest costs during construction were $260000.
The cost of the land that should be recorded by Vaughn Manufacturing is
$1485500.
$1476000.
$1471800.
$1462300.
