Alin Co. should record the cost of the building at $350,000
Fixed asset is a type of asset that do not vary with the level of output.
When recording the cost of a fixed asset, all the costs that were incurred to acquire the asset and make it ready for production should be included.
Here, those costs include the actual purchase price, the closing costs and the renovations.
Total building cost is therefore:
= Purchase price + Closing costs + Cost to prepare building
= 300,000 + 30,000 + 20,000
= $350,000
Hence, Alin Co. should record the cost of the building at $350,000
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