Question

On March 1, 2022, Boyd Company acquired real estate, on which it planned to construct a small office building, by paying $ 80,000 in ash. An old warehouse on the property was demolished at a cost of $ 8,200, the salvaged materials were sold for $ 1.700. Additional expenditures before construction began included $ 1.900 attorney's fee for work concerning the land purchase.$ 5,200 real estate broker's fee. $ 9,100 architect's fee, and $ 14,000 to put in driveways and a parking lot. ) Determine the amount to be reported as the cost of the land. Cost of land 97600

Answer 1

The amount to be reported is the cost of the land. Cost of land 97600.

Reclaimed or reclaimed building materials are materials that are recycled for reuse. They come from buildings that were demolished rather than demolished.

The main difference between scrap and salvage is that salvage vehicles can be repaired and then put back on the road. End-of-life vehicles, on the other hand, cannot be put back on the road and are shredded and sold as raw materials.

A major reason for the popularity of salvage operations, known as resource reclamation, is that asset reclamation can significantly reduce the cost of demolition projects.

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