Question
What is the cost of the land, based upon the following data? Land purchase price $176,121 Broker's commission 17,743
What is the cost of the land, based upon the following data?
Land purchase price $176,121
Broker's commission 17,743
Payment for the demolition and removal of existing building 3,897
Cash received from the sale of materials salvaged from the demolished building 2,633
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Koala Tutor
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To calculate the cost of the land, we need to subtract the broker's commission, payment for demolition, and the cash received from the sale of salvaged materials from the land purchase price.
176,121 - 17,743 - 3,897 - 2,633 = $151,848
Therefore, the cost of the land is $151,848.
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