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Question - Pippen Clinic Ltd. purchases land for $287,500 cash. The title and legal fees totalled $1,200. The clinic has the land graded for $30,000. What amount does Pippen Clinic record as the cost for the land?
(a) $287,500
(b) $288,700
(c) $317,500
(d) $318,700
On January 1, 2010, Charles Jamison borrows $40,000 from his father to open a business.
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