Question

Sarasota Inc. purchased land at a price of $33,100. Closing costs were $3,330. An old building was removed at a cost of $11,410. What amount should be recorded as the cost of the land?

Answer 1

$47840 should be recorded as the cost of the land.

Step-by-step explanation:

The cost of the land will be=(Price paid for the land+Cost of old building removed+Closing costs)

=($33,100.+$3,330+$11,410)

=$47840

$47840 should be recorded as the cost of the land.