Intermediate AcCountng, 1ACC310: Assignment4 Q2 (5 Marks) Use the following information for questions 1 and...
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Intermediate AcCountng, 1ACC310: Assignment4 Q2 (5 Marks) Use the following information for questions 1 and 2. Wilson Co. purchased land as a factory site for E600,000. Wilson paid 60,000 to tear down two buildings on the land. Salvage was sold for E5,400. Legal fees of E3,480 were paid for title investigation and making the purchase. Architect's fees were 31,200. Title insurance cost E2,400, and liability insurance during construction cost 2,600. Excavation cost 10,440. The contractor was paid 2,200,000. An assessment made by the city for pavement was 6,400. Interest costs during construction were 170,000. 1. The cost of the land that should be recorded by Wilson Co. is a. 660,480. b. 666,880 C. E669,880 d. 676,280 I 2. The cost of the building that should be recorded by Wilson Co. is a. 2,403,800. b. 2,404,840. C. 2,413,200 d. 2,414,240
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