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Find what amount should be recorded for the purchase of land

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Reference no: EM132834193

A company incurred the following costs associated with the purchase of a piece of land that it will use to re-build an office building:

Purchase price of the land $510,000
Sale of salvaged parts already on land $20,000
Demolition of the old building $23,000
Ground-breaking ceremony (food and supplies) $2,700
Land preparation and leveling $8,400

Problem 1: What amount should be recorded for the purchase of the land?

Reference no: EM132834193

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