Land Building & Machinery - 1.docx - 1 Noeme Company commenced operations at the beginning of the current year The following costs are incurred by

Land Building & Machinery - 1.docx - 1 Noeme Company...

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1. Noeme Company commenced operations at the beginning of the current year. The following costs are incurred by the entity: Payment for land and an old building which is to be demolished 1,000,000 Payment of property taxes in arrears 130,000 Title search and Insurance 50,000 Option paid for an alternative land which was not acquired 30,000 Cost of relocating squatters 10,000 Special assessment for city improvements on water and sewer system 150,000 Demolition of old building, net of salvage of P10,000 100,000 Survey before construction of new building 60,000 Contract price for factory building 5,000,000 Architect fee 230,000 Building permit or payment to city hall for approval of building construction
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  • Fall '14
  • DeborahPembleton
  • Taxes

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