Sheridan company purchased land as a factory site for $1,350,000. sheridan paid $114,000 to tear down two buildings on the land. salvage was sold for $8,100. legal fees of $5,060 were paid for title investigation and making the purchase. architect's fees were $47,000. title insurance cost $3,500, and liability insurance during construction cost $3,800. excavation cost $15,060. the contractor was paid $4,500,000. an assessment made by the city for pavement was $9,800. interest costs during construction were $257,000. the cost of the land that should be recorded by sheridan company is:
a. $989,880.
b. $980,480.
c. $996,280.
d. $986,880.
the cost of the building should be recorded by wilson co. is:
a. 2,804,840.
b. 2,813,200.
c. 2,803,800.
d. 3,014,240.