On february 1, 2012, nelson corporation purchased a parcel of land as a factory site for $250,000. an old building on the property was demolished, and construction began on a new building which was completed on november 1, 2012. costs incurred during this period are listed below:
demolition of old building $ 20,000architect's fees 35,000legal fees for title investigation and purchase contract 5,000construction costs 1,290,000(salvaged materials resulting from demolition were sold for $10,000.)
nelson should record the cost of the land and new building, respectively, as:
a. $275,000 and $1,315,000.
b. $260,000 and $1,330,000.
c. $260,000 and $1,325,000.
d. $265,000 and $1,325,000.

d. $265,000 and $1,325,000.

Explanation:

The computation is shown below:

For land:

= Factory lite + Demolition of old building + Legal fees for title investigation and purchase contract - Salvaged materials resulting from demolition

= $250,000 + $20,000 + $5,000 - $10,000

= $265,000

For new building:

= Architect's fees + Construction costs

=$35,000 + $1,290,000

= $1,325,000

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