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Poin Company recently incurred the following costs

Poin Company recently incurred the following costs:

(1) Purchase price of land and dilapidated building                                                   $280,000

(2) Real estate broker'scommission                                                                                   14,000

(3) Net demolition costs of dilapidated building                                                         42,000

(4) Excavation costs for new building                                                                                44,000

(5) Architect's fees and building permits                                                                        35,000

(6) Costs associated with new building construction                                             930,000

(7) Costs associated with new furniture and equipment                                      250,000

(8)  Actual interest costsduring building construction                                          135,000

(9)  Actual interest cost after completion of building construction               120,000

(10)  Costs of walks,driveways, and parking lot                                                         55,000

____   1.    The building should be recorded on Poin's books at

                 a.   $1,144,000.

                 b.   $1,319,000.

                 c.   $  930,000.

                 d.   $1,264,000.

Apr 19 2018 View more View Less

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