Business, 05.05.2020 05:19 shaylawaldo11

On February 1, 2020, Waterway Industries purchased a parcel of land as a factory site for $310000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2020. Costs incurred during this period are listed below:
Demolition of old building $ 20700
Architect's fees 34700
Legal fees for title investigation and purchase contract 4500
Construction costs 1378000
(Salvaged materials resulting from demolition were sold for $8600.)
Required:
a) Waterway should record the cost of the land and new building, respectively, as .

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On February 1, 2020, Waterway Industries purchased a parcel of land as a factory site for $310000. A...

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