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Determine the amount that should be capitalized

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Question - Festive Properties has just purchased a parcel of land for a hotel. The following expenditures are related to this land purchase:

400,000 cost of land

6,000 property taxes

800 title opinion

3,000 surveying costs

10,000 brokerage commission paid

5,000 cost demolition of existing building

Required - Determine the amount that should be capitalized in the land account for this purchase.

Reference no: EM133095869

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