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Question On February 1, 2017, Nelson Corporation purchased a parcel of land as a factory site for $3

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On February 1, 2017, Nelson Corporation purchased a parcel of land as a factory site for $320,000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2017. Costs incurred during this period are listed below:

Demolition of old building                                                               $     20,000

Architect's fees                                                                                   35,000

Legal fees for title investigation and purchase contract                       5,000

Construction costs                                                                          1,390,000

(Salvaged materials resulting from demolition were sold for $10,000.)

Nelson should record the cost of the land andnewbuilding, respectively, as?

 

Apr 22 2020 View more View Less

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