On May 4, 2014, Regan Company purchased a tract of land as a factory site for $3,000,000. An existing building on the property was demolished, and construction was begun on a new factory building in July 2014 and completed December 15, 2014. Cost data are shown below.
Required:
Compute the amounts that should be recorded as the cost of a) the land and b) the new factory building.

Question

On May 4, 2014, Regan Company purchased a tract of land as a factory site for $3,000,000. An existing building on the property was demolished, and construction was begun on a new factory building in July 2014 and completed December 15, 2014. Cost data are shown below.  
Required:
Compute the amounts that should be recorded as the cost of a) the land and b) the new factory building.

Quizplus · Accepted Answer

The Answer of On May 4, 2014, Regan Company purchased a tract of land as a factory site for $3,000,000. An existing building on the property was demolished, and construction was begun on a new factory building in July 2014 and completed December 15, 2014. Cost data are shown below.  
Required:
Compute the amounts that should be recorded as the cost of a) the land and b) the new factory building.

On May 4, 2014, Regan Company Purchased a Tract of Land