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Determine the amount fvi should record as cost of the land

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Fresh Veggies, Inc. (FVI), purchases land and a warehouse for $560,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $36,000; title insurance, $2,600; and miscellaneous closing costs, $7,200.

The warehouse is immediately demolished at a cost of $36,000 in anticipation of building a new warehouse.

Determine the amount FVI should record as the cost of the land.

Reference no: EM132319347

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