On March 1, 2022, Cullumber Company acquired real estate, on which it planned to construct a small office building, by p

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On March 1 2022 Cullumber Company Acquired Real Estate On Which It Planned To Construct A Small Office Building By P 1 (82.34 KiB) Viewed 45 times

On March 1, 2022, Cullumber Company acquired real estate, on which it planned to construct a small office building, by paying $75,000 in cash. An old warehouse on the property was demolished at a cost of $8,000; the salvaged materials were sold for $1,500. Additional expenditures before construction began included $1,000 attorney's fee for work concerning the land purchase, $4,000 real estate broker's fee, $7,000 architect's fee, and $13,000 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land. Cost of land $ í