Phil collins Reality corporation purchased a tract of unimproved land for $52,00

Question

Phil collins Reality corporation purchased a tract of unimproved land for $52,000this land was improved and subdivided into building lots at an additional cost of $28,000 these building lots were all fo the same size but owing to difference size but owing to differences in location were offered for at difference prices as follow Operating expenses for the year allocated to this project total $15,700, lots unsold at the year-end were as follows At the end of the fiscal year phil collins reality corporation instructs you to arrive at the not income realized on this operation to date

Explanation / Answer

Solution:

Cost of Land 52,000 Add: Additional cost 28,000 Add: Operating expenses 15,700 Total cost 95,700 Total number of lots - 9 + 15 + 20 44 Cost per lot          2,175

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