Why\'re Clinic purchases land for $280,000 cash. The clinic assumes $3,000 in pr
ID: 2490502 • Letter: W
Question
Why're Clinic purchases land for $280,000 cash. The clinic assumes $3,000 in propert taxes due on the land. The title and attorney fees totaled $2,000. The clinic had the land graded for $4,400. What amount does Whyte Clini record as the cost for the land ? Why're Clinic purchases land for $280,000 cash. The clinic assumes $3,000 in propert taxes due on the land. The title and attorney fees totaled $2,000. The clinic had the land graded for $4,400. What amount does Whyte Clini record as the cost for the land ?Explanation / Answer
Cost of the land = Purchase price + Property tax + Attorney fees + Graded amount
= 280,000 + 3,000 + 2,000 + 4,400
= $289,400 (Answer)