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30 March, 06:48

These expenditures were incurred by Dobbin Company in purchasing land: cash price $60,000, assumed accrued property taxes $5,000, attorney's fees $2,100, real estate broker's commission $3,300, and clearing and grading $3,500. What is the cost of the land

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  1. 30 March, 07:13
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    Cost of land = $73,900

    Explanation:

    given data

    cash price = $60,000

    assumed accrued property taxes = $5,000

    attorney fees = $2,100

    real estate broker commission = $3,300

    clearing and grading = $3,500

    solution

    we know Cost of land will be here

    Cost of land = Purchase Price + Accrued Taxes + Attorney's Fees + Real Estate Broker's Commission + Clearing and Grading ... 1

    put here value in equation 1

    Cost of land = $60,000 + $5,000 + $2,100 + $3,300 + $3,500

    Cost of land = $73,900
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