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7. Problem-Cost of Building Wilson Co. purchased land as a factory site for $150,000. Wilson...

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Accounting

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7. Problem-Cost of Building Wilson Co. purchased land as a factory site for $150,000. Wilson paid $85,000 to tear down two buildings on the land. Salvage was sold for $5,000. Legal fees of $4,000 were paid for title investigation and making the purchase. Architect's fees were $25,000. Title insurance cost for the land $2,000, and liability insurance during construction cost $1,500. Excavation cost $12,000. The contractor was paid $3,500,000. Interest costs during construction were $35,000. The cost of the building that should be recorded by Wilson Co. is $

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