Fresh Veggies, Inc. (FVI), purchases land and a warehouse for $400,000. In addition to the...
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Fresh Veggies, Inc. (FVI), purchases land and a warehouse for $400,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $20,000; title insurance, $1,000; and miscellaneous closing costs, $4,000. The warehouse is immediately demolished at a cost of $20,000 in anticipation of building a new warehouse. Determine the amount FVI should record as the cost of the land.
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