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Business, 22.03.2021 21:00 aaronhorowitz36

On December 1, 2015, Logan Co. purchased a tract of land as a factory site for $800,000. The old building on the property was razed (torn down), and salvaged materials resulting from demolition were sold. Additional costs incurred and salvage proceeds received during December were as follows:Cost to raze old building $70,000Legal fees for purchase contract and to record ownership 10,000Title guarantee insurance 16,000Proceeds from sale of salvaged materials 8,000What amount should be reported as land?

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On December 1, 2015, Logan Co. purchased a tract of land as a factory site for $800,000. The old bui...
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