Question

The following expenditures were incurred by Novak Corp. in purchasing land: cash price $70,000, accrued taxes $4,700, attorneys’ fees $2,500, real estate broker’s commission $2,000, and clearing and grading $3,500. What is the cost of the land? Cost of the land $enter the cost of the land in dollars

Answer 1

Cost of Land
	$
Purchase price of land	70,000.00
Accrued taxes	4,700.00
Attorney’s fees	2,500.00
Real estate broker’s commission	2,000.00
Clearing and grading	3,500.00
Total	82,700.00