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    Costs charged to land

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    Federal Manufacturers, Inc. purchased land with the intention of building its new administrative headquarters on the site. Which of the following costs should be charged to Land?

    I. Title and recording fees.
    II. Clearing of trees and grading.
    III. Interest on loan to purchased land.
    IV. Architect's fees.
    V. Installation of sewage system.

    o I only.
    o I and II only.
    o I, II, III, and IV only.
    o I, II, III, IV, and V.

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    Solution Summary

    The solution explains which costs should be charged to land