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Determine how much should be recorded as cost of the land

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February 1, 2018, Salisbury Company purchased land for the future factory location at a cost of $122,000. The dilapidated building that was on the property was demolished so that construction could begin on the new factory building. The new factory was completed on November 1, 2018. Costs incurred during this period were:

Item                                                 Amount

Demolition dilapidated building          $2,000
Architect Fees                               $11,250
Legal Fees - for title search                $1,350
Interest During Active Construction Period  $5,025
Real estate transfer tax                              $825
Construction Costs                                   $605,000

Problem 1: Using this information, how much should be recorded as the cost of the land?

Reference no: EM132686555

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