Fullerton Waste Management purchased land and a warehouse for $610,000. In addition to the purchase...
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Fullerton Waste Management purchased land and a warehouse for $610,000. In addition to the purchase price, Fullerton made the following expenditures related to the acquisition: brokers commission, $31,000; title insurance, $3,500; miscellaneous closing costs, $6,500. The warehouse was immediately demolished at a cost of $19,000 in anticipation of the building of a new warehouse. Determine the amounts Fullerton should capitalize as the cost of the land and the building.
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