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Exercise 10-3 (Algo) Acquisition costs; lump-sum acquisition [LO10-1, 10-2] Samtech Manufacturing purchased land and a...

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Accounting

Exercise 10-3 (Algo) Acquisition costs; lump-sum acquisition [LO10-1, 10-2] Samtech Manufacturing purchased land and a building for $3 million. In addition to the purchase price, Samtech made the following expenditures in connection with the purchase of the land and building: Title insurance $ 35,000 Legal fees for drawing the contract 9,500 Pro-rated property taxes for the period after acquisition 55,000 State transfer fees 5,900 An independent appraisal estimated the fair values of the land and building,

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