Miller company acquired land and a building on july 1 2014

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Reference no: EM13593389

Miller company acquired land and a building on july 1 2014, paying a total of 1,400,000. seperately the land had estimated fair market value of 750,000 and the building had an estimated afiar market value of 1,125,000. in order to use the property, land improvements of 20,000 were incurred. additionally the building needed to be rewired at a cost of 65,000. also, certian walls had to be knocked down, while others were constructed. the cost to remove and replace walls was 80,000. the company took occupancy of the building on november 1 2014.for all the items noted above, determine how much will be incorporated into the land account, the building account, or expensed as of miller company's year end of december 31,2014.

Reference no: EM13593389

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