A company purchased land on which to construct a new building for a cost of...
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Accounting
A company purchased land on which to construct a new building for a cost of $350,000. Additional costs incurred were:
Real estate broker's commissions. $24,500
Legal fees incurred in the purchase of the real estate 1,500
Landscaping.. 8,000
Cost to remove old house located on land 3,000
Proceeds from selling materials salvaged from old house 1,000
What total dollar amount should be charged to Land and what amount should be charged to Building or other accounts? Show your work 5 points
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