Soccer Wholesale purchased land and a warehouse for one price of $710,000. In addition to...
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Soccer Wholesale purchased land and a warehouse for one price of $710,000. In addition to the purchase price, Soccer Wholesale makes the following expenditures related to the acquisition: broker's commission, $41,000; title insurance, $2,400; and miscellaneous closing costs, $7,000. The warehouse is immediately demolished at a cost of $81,600 in anticipation of building a new warehouse. Determine the amount Soccer Wholesale should record as the cost of the land. Cost of the land
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