Reference no: EM133188143
Question - On July 1, 2020, Preston Tucker and Sons Automobile Company acquired real estate to construct a small combination office and warehouse building. Tucker paid $125,000 cash as a down payment and issued a $375,000 note payable; the note is due in 3 years with an interest rate of 6.75%.
An old warehouse on the property was demolished at a cost of $12,835; the salvaged materials from the old warehouse were sold for $1,100. Additional expenditures before construction began, included: $2,250 for attorney fees pertaining to the real estate purchase, $4,800 for real estate broker's fee, $7,375 architect fees for designing plans for the new office and warehouse, and $14,000 to put in driveways and a parking lot.
Required -
(a) Determine the amount to be reported as the cost of the land.
(b) For each cost not used in part (a), indicate the account to be debited. Show all calculations.
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