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On December 1, 2020, Firm ABC purchased land for $84,000 cash. The following land-related costs...

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Question

Accounting

On December 1, 2020, Firm ABC purchased land for $84,000 cash. The following land-related costs were also incurred:

  • Commissions = $3,700
  • Title Insurance = $9,000
  • Property taxes paid for the month of January 2021 = $2,600

At what amount would Firm ABC record the land?

a.

$96,700
b.

$90,300
c.

$84,000
d.

$95,600

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