Wilson Co. purchased land as a factory site for $900,000. Wilson paid $80,000 to tear down two buildings on the land. Salvage was sold for $5,400. Legal fees of $3,480 were paid for title investigation and making the purchase. Architect's fees were $31,200. Title insurance cost $2,400, and liability insurance during construction cost $2,600. Excavation cost $10,440. The contractor was paid $2,800,000. An assessment made by the city for pavement was $6,400. Interest costs during construction were $170,000.
The cost of the land that should be recorded by Wilson Co. is
a. $989,880
b. $980,480
c $996,280
d. $986,880
The cost of the building should be recorded by Wilson Co. is
a. 2,804,840
b. 2,813,200
c. 2,803,800
d. 3,014,240
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