Rossy Investigations purchased land, paying $94,000 cash plus a $230,000 note payable. In Addition, Rossy Investigations paid delinquent property tax of $4,000, title insurance costing $5,000, and $4,000 to level the land and remove an unwanted building. The company then constructed an office building at a cost of $440,000. It also paid $52,000 for a fence around the property, $19,000 for a sign near the entrance, and $5,000 for special lighting on the grounds. Determine the cost of the land, land improvements, and building. Account Land Land Improvements Purchase price Note payable Property tax Title insurance Remove building Construct building Fence Sign Lighting Totals Building

Rossy Investigations purchased land, paying $94,000 cash plus a $230,000 note payable. In Addition, Rossy Investigations paid delinquent property tax of $4,000, title insurance costing $5,000, and $4,000 to level the land and remove an unwanted building. The company then constructed an office building at a cost of $440,000. It also paid $52,000 for a fence around the property, $19,000 for a sign near the entrance, and $5,000 for special lighting on the grounds. Determine the cost of the land, land improvements, and building. Account Land Land Improvements Purchase price Note payable Property tax Title insurance Remove building Construct building Fence Sign Lighting Totals Building

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 43P

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