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The following costs were incurred by Shumway Company in purchasing land: cash price, $84,000; removal of old building, $5,200; legal fees, $3,000; clearing and grading, $3,500; installation of fence, $3,400.

(a) What is the cost of the land?

(b) What is the cost of the land improvements?

Plz help. I have exam coming on monday! THANKS.

  • accounting -

    Land: 84,000 + 3,000 = ?

    Improvements: 5,200 + 3,500 + 3.400 = ?

    Check your text to make sure that legal fees are included in the purchase of the land.

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