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What amount should be reported as the cost of the land

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Question - RT Inc. purchased a tract of land for use as a factory site. The purchase price was $780,000. RT also incurred the following costs: Cost to rate old building ($70,000), legal fees related to the purchase contract ($10,000), and proceeds from the sale of salvaged materials ($8,000). What amount should be reported as the cost of the land?

Reference no: EM132164789

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