E1,3 (LO 1) On March 1, 2020, Rollinger Group acquired real estate on which it...
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E1,3 (LO 1) On March 1, 2020, Rollinger Group acquired real estate on which it planned to construct a small office building. The company paid 86,000 in cash. An old warehouse on the property was razed at a cost of 9,400; the salvaged materials were sold for 1,700. Additional expenditures before construc- ten began included 1,100 attorney's fee for work concerning the land purchase, 5,100 real estate broker's fee, 7.800 architect's fee, and 12,700 to put in driveways and a parking lot. Instructions a. Determine the amount to be reported as the cost of the land. b. For each cost not used in part (a), indicate the account to be debited
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