Business, 12.03.2021 15:10 cupcakesmc619

Omar Corporation paid $350,000 for a tract of land that had an old gas station on it. The gas station was demolished at a cost of $20,000 and a new warehouse was constructed on the site at a cost of $600,000. In addition, several other costs were incurred: Legal fees (associated with the purchase of the land) $45,000 Architect fees (associated with the new warehouse) $50,000 Interest on the construction loan (for the new warehouse) $24,000. Required:
What value should be assigned to the tract of land? What value should be assigned to the warehouse? Why?

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Omar Corporation paid $350,000 for a tract of land that had an old gas station on it. The gas statio...

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