Italian Bread Company purchased land as a factory site for

#8781
Italian Bread Company purchased land as a factory site for $60,000. An old building on the
property was demolished, and construction began on a new building. Costs incurred during the
first year are listed on the next page:Demolition of old building ........................................$
8,000Sale of salvaged materials ..........................................(1,000)Architect fees (for new
building) .................................15,000Legal fees (for title investigation of land)
.........................2,000Property taxes on the land (for the first year) .....................3,000Building
construction costs .......................................500,000Interest costs related to the construction
........................18,000Required:Determine the amounts that the company should record in the
Land and the Building accounts.View Solution:
Italian Bread Company purchased land as a factory site for

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