Question

The following expenditures were incurred by Wildhorse Co. in purchasing land: cash price $83,000, accrued taxes $4,900, attorneys’ fees $3,400, real estate broker’s commission $1,700, and clearing and grading $3,600. What is the cost of the land? Cost of the land $enter the cost of the land in dollars

Answer 1

Answer: $ 96,600

Step-by-step explanation:

Given, The following expenditures were incurred by Wildhorse Co. in purchasing land:

Cash price $83,000

Accrued taxes $4,900

Attorneys’ fees $3,400

Real estate broker’s commission $1,700

Clearing and grading $3,600.

Then, the cost of the land = Cash price + Accrued taxes + Attorneys’ fees + Real estate broker’s commission + Clearing and grading

= $(83,000 + 4,900 + 3,400 + 1,700 + 3,600)

= $ 96,600

Hence, Cost of the land = $ 96,600