ACCOUNTING

posted by .

On March 1, 2012, Enrique Company acquired real estate, on which it planned to construct a small office building, by paying $90,504 in cash. An old warehouse on the property was demolished at a cost of $7,646; the salvaged materials were sold for $1,633. Additional expenditures before construction began included $1,267 attorney's fee for work concerning the land purchase, $4,702 real estate broker's fee, $9,525 architect's fee, and $14,146 to put in driveways and a parking lot.

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

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. accounting

    The following transactions occurred during March 2009 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 30,000 shares of common stock in exchange for $300,000 in cash. 2. Purchased equipment …
  2. accounting

    a merchandising company wants to include the cost of operating its warehouse in the cost of inventory. The company’s controller argues that the cost of the warehouse is a reasonable and necessary cost of getting the inventory ready …
  3. accounting

    A merchandising company wants to include the cost of operating its warehouse in the cost of inventory. The company’s controller argues that the cost of the warehouse is a reasonable and necessary cost of getting the inventory ready …
  4. accounting

    a merchandising company wants to include the cost of operating its warehouse in the cost of inventory. The company’s controller argues that the cost of the warehouse is a reasonable and necessary cost of getting the inventory ready …
  5. Accounting

    #15 Supplies: Original Purchase and Adjusting Entry On January 1, the company had office supplies costing $4,600. On March 23, the company bought additional office supplies costing $8,200; the company paid cash. On December 31, a physical …
  6. Accounting

    The SOO Company has machinery that it acquired a number of years ago at a cost of $812,000. As of December 31, 2012 the company has recorded life-to-date depreciation in the amount of $332,900. Because of changes in their manufacturing …
  7. Accounting

    Company acquired a property and need to journalize the property and construction. Received 4,700 in salvage from material removed from old building.
  8. Real Estate Financing

    "Mr. Smith acquired a property consisting of one acre of land and a two-story building five years ago for $100,000. He also obtained an $80,000 mortgage loan from ACE Bank to provide financing to complete the purchase. This year, Mr. …
  9. Excelsior

    he following transactions occurred during March 2009 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 30,000 shares of common stock in exchange for $300,000 in cash. 2. Purchased equipment …
  10. Tax Accounting

    Can someone please explain how to figure this out. Is there a formula?

More Similar Questions