Colton, Inc. purchased an existing building and plans to do some renovations before it will be used as a manufacturing p

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Colton Inc Purchased An Existing Building And Plans To Do Some Renovations Before It Will Be Used As A Manufacturing P 1 (32.78 KiB) Viewed 79 times

Colton, Inc. purchased an existing building and plans to do some renovations before it will be used as a manufacturing plant. In the first quarter, the following amounts were incurred: Purchase price of building Architectural fees for building renovation Lawn sprinkler system Contractor charges for building renovation Fencing Material and labor cost for building renovation Install lighting and signage Parking lot $349,000 5,900 2,500 40,600 9,400 330,000 11,700 8,700 What amount should be recorded as the cost of the building in the corporation's books? ... O A. $679,000 O B. $757,800 O C. $725,500 OD 900