On March 1, 2022, Cullumber Company acquired real estate, on which it planned to construct...
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Accounting
On March 1, 2022, Cullumber Company acquired real estate, on which it planned to construct a small office building, by paying $76,000 in cash. An old warehouse on the property was demolished at a cost of $7,400; the salvaged materials were sold for $1,540. Additional expenditures before construction began included $1,040 attorneys fee for work concerning the land purchase, $4,100 real estate brokers fee, $8,540 architects fee, and $13,200 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land.
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