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Problem 7-1A (Algo) Determine the acquisition cost of land and building (LO7-1) The...

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Accounting

Problem 7-1A (Algo) Determine the acquisition cost of land and building (LO7-1)
The Italian Bread Company purchased land as a factory site for $59,000. An old building on the property was demolished, and construction began on a new building. Costs incurred during the first year are listed as follows:
\table[[Demolition of old building,$7,900
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