Solution-Determine the amount to be reported as the cost of

Determine the amount to be reported as the cost of the land

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On March 1, 2020, Concord Corporation acquired real estate on which it planned to construct a small office building. The company paid $85,000 in cash. An old warehouse on the property was razed at a cost of $8,800; the salvaged materials were sold for $1,600. Additional expenditures before construction began Included $1,800 attorney's fee for work concerning the land purchase, $5,200 real estate broker's fee, $7,800 architect's fee, and $14,900 to put in driveways and a parking lot.

Problem (a) Determine the amount to be reported as the cost of the land.

Reference no: EM132782177

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Determine the amount to be reported as the cost of the land

Reference no: EM132782177

Reference no: EM132782177

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