Multiple Choice
A company acquired some land for $75,000 to construct a new office complex.Legal fees paid were $2,750, delinquent taxes assumed were $3,250, and $6,350 was paid to remove an old building.Materials salvaged from the demolition of the building were sold for $2,300.Determine the cost of the land to be reported on the balance sheet.
A) $85,050
B) $89,650
C) $84,100
D) $87,350
Correct Answer:
Verified
Correct Answer:
Verified
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