Answer:
$152,600
Explanation:
The computation of the cost of the land is shown below:
Cost of the land = Purchase price + real estate commissions + delinquent property taxes + closing costs + clearing and grading of the land
= $125,000 + $9,500 + $1,800 + $3,500 + $12,800
= $152,600
We considered all the given information
hence, the cost of the land is $152,600
The cost of the Land is determined as $150,800.
Data and Calculations:
Purchase price of Land = $125,000
Real Estate Commissions paid = $9,500
Delinquent property taxes = $1,800
Closing costs = $3,500
Clearing and grading of the land = $12,800
Total cost paid for the land purchase and its preparation for use = $152,600
Cost of the land = $150,800 ($152,600 - $1,800)
Thus, the cost of the Land is $150,800.
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