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Hull Company acquires land for $86,000 cash. Additional costs are as follows: Removal of shed...

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Accounting

Hull Company acquires land for $86,000 cash. Additional costs are as follows:

Removal of shed $ 300

Filling and grading 1,500

Salvage value of lumber of shed 120

Broker commission 1,130

Paving of parking lot 10,000

Closing costs 560

Hull will record the acquisition cost of the land as

  1. $96,000.
  2. $87,690.
  3. $89,610.
  4. $89,370.

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