Reference no: EM132961772
In Year 4, Senn Inc. purchased land at a cost of $600,000 for a new office building. The existing building on the site, which was valued at 10% of the purchase price, was demolished at a cost of $15,000. The new building was completed during Year 4.
In addition, the following costs were incurred:
Debris removal and grading $8,000
Fine for failure to obtain a county permit for demolition 2,000
Surveying 12,000
Excavation of basement for new building 20,000
Building permits 10,000
Problem 1: In Senn's December 31, Year 4, financial statements, what amount should be capitalized to its land account?
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