Acquisition of Land and Building On February 1, 2016, Edwards Corporation purchased a parcel of land as a factory site for $100,000. It demolished an old building on the property and began construction on a new building that was completed on October 2, 2016. Costs incurred during this period are: Demolition of old building$ 10,000 Architect's fees20,000 Legal fees for title investigation and purchase contract4,000 Construction costs625,000 Edwards sold salvaged materials resulting from the demolition for $2,000. Required: 1. At what amount should Edwards record the cost of the land and the new building, respectively

Cost of Land is $104,000, cost of building is $653,000. The total cost is $757,000

Explanation:

The cost of the building will include the purchase price of the land and building and every other cost incurred in the process of making the land and building available for use.

However, every amount realized from the process will also be deducted from the cost of the land and building. To separate the cost of land from the cost of the building, we must identify the cost attributable to each of them

As such, the recorded cost on land

= $100,000 + $4,000

= $104,000

and cost of building

= $10,000 + $20,000 + $625,000 - $2,000

= $653,000

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