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merchant company purchased land for a building site. the costs associated with the property were: purchase price $ 183,000 real estate commissions 15,800 legal fees 1,600 expenses of clearing the land 2,800 what is the total recorded cost of the land? $198,800 $200,400 $183,000 $203,200 $186,600
merchant company purchased land for a building site. the costs associated with the property were: purchase price $ 183,000 real estate commissions 15,800 legal fees 1,600 expenses of clearing the land 2,800 what is the total recorded cost of the land? $198,800 $200,400 $183,000 $203,200 $186,600
The several costs associated with the property that need to be considered to determine the totalrecorded costof the land.The total recorded cost of the land purchased by the merchant company for the building site is $203,200.In this scenario, the merchant company purchased land for a building site. The costs included the purchase price of $183,000, real estatecommissionsof $15,800, legal fees of $1,600, and expenses of clearing the land for $2,800.To calculate the total recorded cost of the land, we need to add up all of these costs. Thus, the total recorded cost of the land is $203,200 purchase price + real estate commissions + legal fees + expenses of clearing the land = $183,000 + $15,800 + $1,600 + $2,800 = $203,200.It is important to note that the total recorded cost of the land is not just the purchase price. Other costs associated with the property, such as real estatecommissionsand legal fees, need to be taken into consideration. By including all of the costs associated with the property, we can arrive at the most accurate total recorded cost of the land.To learn more aboutrecorded costrefer:brainly.com/question/13285208#SPJ11...