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Fresh Veggies, Inc. (FVI), purchases land and a warehouse for $570,000. In addition to the...

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Fresh Veggies, Inc. (FVI), purchases land and a warehouse for $570,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $37,000; title insurance, $2,700; and miscellaneous closing costs, $7,400. The warehouse is immediately demolished at a cost of $37,000 in anticipation of building a new warehouse Determine the amount FVI should record as the cost of the land. Cost of the land Fresh Veggies, Inc. (FVI), purchases land and a warehouse for $570,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $37,000; title insurance, $2,700; and miscellaneous closing costs, $7,400. The warehouse is immediately demolished at a cost of $37,000 in anticipation of building a new warehouse Determine the amount FVI should record as the cost of the land. Cost of the land

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