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Mgmt 200 Assignment Soln 3-4-11

Mgmt 200 Assignment Soln 3-4-11 - $ 15,000 Legal fees(for...

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Management 200 – Introductory Financial Accounting– Spring 2011 Krannert School of Management - Purdue University Solutions to class assignment for March 4, 2011 Problem 7-1A Land Building Purchase price of land $60,000 Demolition of old building 8,000 Sale of salvaged materials (1,000) Architect fees (for new building)
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Unformatted text preview: $ 15,000 Legal fees (for title investigation of land) 2,000 Building construction costs 500,000 Interest costs related to the construction 18,000 Totals $69,000 $533,000 The property taxes on the land of $3,000 will be recorded as property tax expense over the first year....
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