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Nyguen Company bought real estate, on which there




Nyguen Company bought real estate, on which there was an old office building, for $900,000. They paid $90,000 in cash as a down payment and signed a 6% mortgage for the remainder. They immediately had the old building razed at a net cost of $30,000, the salvaged materials were sold for $4,200. Attorneys were paid $7,000 in connection with the land purchase and an additional $3,000 in connection with permits and zoning variances necessary for Nyguen's new office building. $25,000 was paid for excavation for the basement of the new building. $2,100,000 was paid for construction of the new building, and $95,000 was paid for a parking lot and necessary walkways and driveways.;The new office building should be recorded at;a. $2,100,000.;b. $2,128,000.;c. $2,125,000.;d. $2,100,000.;Land should be recorded at a cost of;a. $932,800.;b. $937,000.;c. $935.800.;d. $960,800.


Paper#24824 | Written in 18-Jul-2015

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