Business, 11.04.2020 02:56 girlygirl2007

The Reid Co. acquired a piece of land for a new factory paying $100,000. Reid demolished the old building at a cost of $20,000, and sold scrapped material salvaged from the old building for $5,000. The architect’s fees were $25,000, and the title insurance upon acquisition of the land was $1,000. The construction period interest was $8,000, and the contractor received $300,000 for the building. A pavement assessment made by the city cost Reid $2,000 at the purchase date.

A) The cost of the land recorded by Reid Co. is
B) The cost of the building recorded by Reid Co. is

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The Reid Co. acquired a piece of land for a new factory paying $100,000. Reid demolished the old bui...

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