1 On March 1 2017 Beldon Corporation Purchased Land As A Factory 2419265

  1. On March 1, 2017, Beldon Corporation purchased land as a factory site for $62251. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2017. Costs incurred during this period are listed below:
  • Demolition of old building $4694
  • Architect’s fees for new building $11120
  • Legal fees for title investigation of land $1622
  • Property taxes on land for period beginning March 1, 2017 $3065
  • Construction costs $491792 Interest on construction loan $4896
  • Salvaged materials resulting from the demolition of the old building were sold for $2061

Required: Determine the amounts that Beldon should capitalize as the cost of the building only.Answer in dollars and cents ($0.00).
Answer:

  1. On March 1, 2017, Beldon Corporation purchased land as a factory site for $50743. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2017. Costs incurred during this period are listed below:
  • Demolition of old building $3630

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On March 1, 2017, Beldon Corporation purchased land as a factory site for $62251. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2017. Costs incurred during this period are listed below: Demolition of old building $4694 Architect’s fees for new building $11120 Legal fees for title investigation of land $1622 Property taxes on land for period beginning March 1, 2017 $3065 Construction costs $491792 Interest on construction loan $4896 Salvaged materials resulting from the demolition of the old building were sold for $2061 Required: Determine the amounts that Beldon should capitalize as the cost of the building only.  Answer in dollars and cents ($ 0.00 ). Answer: On March 1, 2017, Beldon Corporation purchased land as a factory site for $50743. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2017. Costs incurred during this period are listed below: Demolition of old building $3630 Architect’s fees for new building $11423 Legal fees for title investigation of land $1992 Property taxes on land for period beginning March 1, 2016 $2948 Construction costs $517411 Interest on construction loan $6506 Salvaged materials resulting from the demolition of the old building were sold for $1711 Required: Determine the amounts that Beldon should expense as operating costs.  Answer in dollars and cents ($ 0.00 ). On March 1, 2017, Beldon Corporation purchased land as a factory site for $58780. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2017. Costs incurred during this period are listed below: Demolition of old building $3180 Architect’s fees for new building $11294 Legal fees for title investigation of land $2041 Property taxes on land for period beginning March 1, 2017 $2118 Construction costs $483848 Interest on construction loan $5558 Salvaged…

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