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Determine the amount flexsteel should record

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Question - Flexsteel Industries, acquired an existing building and land for $470,000. The following additional expenditures were made related to the purchase: broker's commission, $27,000; title insurance, $1,700; and closing costs, $5,600. In anticipation of constructing a new building, the existing building was demolished immediately at a cost of $27,000. Determine the amount Flexsteel should record as the cost of the land?

Reference no: EM132920534

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