prepare a schedule showing the amount at which the land should be carried on maxwell 624491

Maxwell Company purchased 2 square miles of farmland under the following terms: USD 968,000 cash; and liability assumed on mortgage= note of USD 320,000 and interest accrued on mortgage note assumed, USD 12,800. The company paid USD 67,200 of legal and brokerage fees and also paid USD 3,200 for a title search on the property. The company planned to use the land as a site for a new office building and a new factory. Maxwell paid clearing and leveling costs of USD 28,800. It sold crops on the land for USD 7,360 and sold one of the houses on the property for USD 19,200. The other buildings were torn down at a cost of USD 14,400; sale of salvaged materials yielded cash proceeds of USD 13,600. Approximately 1 percent of the land acquired was deeded to the county for roads. The cost of excavating a basement for the office building amounted to USD 9,120. Prepare a schedule showing the amount at which the land should be carried on Maxwell Company”s books.