Borges Inc. recently purchased land to use for the construction of its new manufacturing facility...
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Accounting
Borges Inc. recently purchased land to use for the construction of its new manufacturing facility and incurred the following costs: purchase price, $78,000; interest charges, $500; real estate commissions, $4,800; delinquent property taxes, $1,500; closing costs, $3,300; and clearing and grading of the land, $8,100.
Required: Determine the cost of the land. $:
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