These expenditures were incurred by dobbin company in purchasing land: cash price $60,000, assumed accrued property taxes $5,000, attorney’s fees $2,100, real estate broker’s commission $3,300, and clearing and grading $3,500. what is the cost of the land

Cost of land  =$73,900

Explanation:

given data

cash price  = $60,000

assumed accrued property taxes = $5,000

attorney fees = $2,100

real estate broker commission = $3,300

clearing and grading = $3,500

solution

we know Cost of land will be here

Cost of land = Purchase Price + Accrued Taxes + Attorney's Fees + Real Estate Broker's Commission + Clearing and Grading     1

put here value in equation 1

Cost of land = $60,000 + $5,000 + $2,100 + $3,300 + $3,500

Cost of land  =$73,900

one of the appeals of a sole proprietorship is that business expenses are kept separate from your personal income tax return