Falcon company acquired an adjacent lot to construct a new warehouse, paying $40,000 and giving a short-term note for $410,000. legal fees paid were $13,275, delinquent taxes assessed were $14,500, and fees paid to remove an old building from the land were $15,800. materials salvaged from the demolition of the building were sold for $6,800. a contractor was paid $890,000 to construct the new warehouse. what is the cost of the land to be reported on the balance sheet?

cost of land on balance sheet is $486,775

Explanation:

given data

paying = $40,000

short-term note = $410,000

Legal fees paid = $13,275

delinquent taxes assessed = $14,500

fees paid remove old building = $15,800

sold = $6,800

contractor paid = $890,000

solution

we know here that

Initial cost of land is paying + short-term note

Initial cost of land = 40000 + 410000

Initial cost of land = $450000

and

total work cost = Legal fees paid + delinquent taxes assessed  + fees paid remove old building

total work cost = $13,275 + $14,500 + $15,800

total work cost = $43,575

so

cost of land on balance sheet is = Initial cost of land + total work cost - sold

cost of land on balance sheet is = $450000  + $43,575 - $6800

cost of land on balance sheet is $486775

and we know that amount paid to contractor is not consider here as cost of land

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.

it's obviously d. it could be c though.