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Merchant Company purchased property for a building site. The costs associated with the property were: Purchase price $ 178,000 Real

Merchant Company purchased property for a building site. The costs associated with the property were: Purchase price $ 178,000 Real estate commissions 15,300 Legal fees 1,100 Expenses of clearing the land 2,300 Expenses to remove old building 1,300 What portion of these costs should be allocated to the cost of the land and what portion should be allocated to the cost of the new building
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Rex Schinner

Feb 20, 2025

$198,000 and $0Explanation:The calculation is shown below:The Cost of the land is = Purchase price +  Real estate commissions + Legal fees + Expenses of clearing the land + Expenses to remove old building= $178,000 + $15,300 + $1,100 + $2,300 + $1,300= $198,000As the property is buy for the building site so here no cost will be recognized and allocated to the new building costhence, it would be zero... Show More
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Rex Schinner

Feb 20, 2025

answer; // there are violations that can cause injuries or death;... Show More
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