On February 1, 2014, Rumor Corporation purchased a parcel of land as a factory site for $50,000. An old building on the property was demolished, and construction began on a new building that was completed on December 12, 2014. Costs incurred during this period are listed below:
(Salvaged materials resulting from demolition were sold for $13,000.)
Rumor should record the cost of the land and the cost of the new building, respectively, as

Question

On February 1, 2014, Rumor Corporation purchased a parcel of land as a factory site for $50,000. An old building on the property was demolished, and construction began on a new building that was completed on December 12, 2014. Costs incurred during this period are listed below: 
 (Salvaged materials resulting from demolition were sold for $13,000.) 
Rumor should record the cost of the land and the cost of the new building, respectively, as

Quizplus · Accepted Answer

The Answer of On February 1, 2014, Rumor Corporation purchased a parcel of land as a factory site for $50,000. An old building on the property was demolished, and construction began on a new building that was completed on December 12, 2014. Costs incurred during this period are listed below: 
 (Salvaged materials resulting from demolition were sold for $13,000.) 
Rumor should record the cost of the land and the cost of the new building, respectively, as

On February 1, 2014, Rumor Corporation Purchased a Parcel of Land