Question

Bonita Clinic purchases land for $175900 cash. The clinic assumes $1700 in property taxes due on the land. The title and attorney fees totaled $900. The clinic has the land graded for $2000. What amount does Bonita Clinic record as the cost for the land

Answer 1

$188,600

Step-by-step explanation:

Cost for the land = Purchases Cost + Taxes + Attorney fee + Land graded cost

Cost for the land = 175,900 + 1,700 + 9000 + 2,000

Cost for the land = $188,600

So, the amount Bonita Clinic will record as the cost for the land is $188,600