The following costs were incurred by Shumway Company in purchasing land: cash price, $84,000; remov 1 answer below »

 
   

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The following costs were incurred by Shumway Company in purchasing land: cash price, $84,000; removal of old building, $5,200; legal fees, $3,000; clearing and grading, $3,500; installation of fence, $3,400. (a) What is the cost of the land? (b) What is the cost of the land improvements? Plz help. I have exam coming on monday! THANKS.