Business, 31.05.2020 05:03 munchyswish

On December 1, 2020, Concord Corporation purchased a tract of land as a factory site for $780000. The old building on the property was razed, and salvaged materials resulting from demolition were sold. Additional costs incurred and salvage proceeds realized during December 2020 were as follows: Cost to raze old building $71000 Legal fees for purchase contract and to record ownership 10100 Title guarantee insurance 16600 Proceeds from sale of salvaged materials 7100 In Concord's December 31, 2020 balance sheet, what amount should be reported as land

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On December 1, 2020, Concord Corporation purchased a tract of land as a factory site for $780000. Th...

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