On May 4,2016,Steger Company purchased a tract of land as a factory site for $1,600,000.An existing building on the property was demolished,and construction was begun on a new factory building in July 2016 and completed December 15,2016.Cost data are shown below.
Required: Compute the capitalized cost of (1)the land and (2)the factory building.

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The Answer of On May 4,2016,Steger Company purchased a tract of land as a factory site for $1,600,000.An existing building on the property was demolished,and construction was begun on a new factory building in July 2016 and completed December 15,2016.Cost data are shown below.
Required: Compute the capitalized cost of (1)the land and (2)the factory building.

On May 4,2016,Steger Company Purchased a Tract of Land as a Factory