Grannis Corporation purchased land adjacent to its plant to improve access for trucks making deliveries.Expenditures incurred by the company were as follows: purchase price,$40,000;broker's fees,$7,000;title search and other fees,$6,000;demolition of an old building on the property,$3,700;grading,$1,200;digging foundation for the road,$3,000;laying and paving driveway,$25,000;lighting,$7,500;signs,$1,500.List the items and the amounts that should be included in the cost of the land and recorded in the Land account.

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The Answer of Grannis Corporation purchased land adjacent to its plant to improve access for trucks making deliveries.Expenditures incurred by the company were as follows: purchase price,$40,000;broker's fees,$7,000;title search and other fees,$6,000;demolition of an old building on the property,$3,700;grading,$1,200;digging foundation for the road,$3,000;laying and paving driveway,$25,000;lighting,$7,500;signs,$1,500.List the items and the amounts that should be included in the cost of the land and recorded in the Land account.

Grannis Corporation Purchased Land Adjacent to Its Plant to Improve