Final answer:
The cost of paving is not considered part of the cost of the land as it is a land improvement, rather than an intrinsic cost of purchasing the land.
Step-by-step explanation:
When determining the cost of acquiring land, certain expenses are capitalized as part of the cost of the land. These expenditures include the purchase price, closing costs such as legal fees, and any back taxes or unpaid property taxes that are due at the time of purchase. However, the cost of paving is not included in the cost of the land, as it is considered an improvement to the property rather than a cost inherent to the land itself. Realtor commissions and survey fees are part of the acquisition cost and are therefore capitalized as part of the land cost.
Therefore, the answer to the question, Which of the following would NOT be considered part of the cost of the land? is B. Paving, since paving is categorized as a land improvement and not intrinsic to the purchase cost of the land.