Maldive Company completes the construction of a building. The following separate items are the costs...
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Maldive Company completes the construction of a building. The following separate items are the costs relevant to the purchase of the lot and construction of the building.
| Cash payments to contractor | $150,000 | |
| Sales tax on construction materials used in addition to contractor payments | 4,500 | |
| Cost of land (building site) | 75,000 | |
| Gross cost to raze old building on land | 30,000 | |
| Proceeds from old building salvage | 7,500 | |
| Utility charges for electricity used in construction | 3,000 | |
| Capitalized interest on construction | 4,500 |
Determine the ending balance for the Land account and for the Building account.
| Ending balance in the Land account | Answer |
| Ending balance in the Building account | Answer |
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