On May 4,2012,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 2012 and completed December 15,2012.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 4,2012,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 2012 and completed December 15,2012.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 4,2012,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 2012 and completed December 15,2012.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 4,2012,Regan Company Purchased a Tract of Land as a Factory