Record the journal entry for purchase of the land

Reference no: EM131819951

Question: Determining the cost of an asset Alton Clothing purchased land, paying $88,000 cash plus a $250,000 note payable. In addition, Alton paid delinquent property tax of $1,900, title insurance costing $500, and $4,200 to level the land and remove an unwanted building. Record the journal entry for purchase of the land.

Reference no: EM131819951

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