If land is purchased as a building site, the cost of removing existing structures is not charged to the Land accountGroup of answer choicesTrueFalse

When vacant land is acquired, ________ should be charged to the Land account.Select answer from the options belowexpenditures for clearing, draining, and fillinginterest costs for money borrowed to build on the landconstruction costs for a new buildingexpenditures for putting up fences around the land

The cost of fees for insuring the title and any accrued property taxes are included in the cost of landGroup of answer choicesTrueFalse

Which of the following costs is NOT included in a Land account?Select answer from the options belowthe cost of tearing down a buildingdrainage costssurveying and legal coststhe cost of building a fence

Which of the following expenditures would you NOT include in the cost of land?Group of answer choicesreal estate broker's commissionall of these should be included in the cost of land.net demolition costsattorney's fees

Merchant Company purchased land for a building site. The costs associated with the property were: Purchase price $ 182,000Real estate commissions 15,700Legal fees 1,500Expenses of clearing the land 2,700What is the total recorded cost of the land?Multiple Choice$201,900$182,000$185,500$199,200$197,700