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Soccer Wholesale purchased land and a warehouse for $990,000. In addition to the purchase price,...

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Accounting

Soccer Wholesale purchased land and a warehouse for $990,000. In addition to the purchase price, Soccer Wholesale makes the following expenditures related to the acquisition: broker's commission, $49,600; title insurance, $2,300; and miscellaneous closing costs, $6,900. The warehouse is immediately demolished at a cost of $75,300 in anticipation of building a new warehouse.

Determine the amount Soccer Wholesale should record as the cost of the land.

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