Sarasota inc. purchased land at a price of $33,200. closing costs were $2,220. an old building was removed at a cost of $11,370. what amount should be recorded as the cost of the land?

$46,790

Explanation:

Given;

cost of purchase = $33,200

closing cost = $2,220

Cost for removal of old building = $11,370

Assets are recognized at the cost incurred in making the assets available for use. The closing cost and cost incurred in removing the old building are part of the cost incurred in making the land available for use and as such would be included as part of the cost of the land. Therefore;

Cost of land = $33,200 + $2,220 + $11,370

                    = $46,790

answer: 11/12

step-by-step explanation: 4 1/4 and 3 1/3 is equivalent to 4 3/12 and 3 4/12. 4 3/12 - 3 4/12 =11/12