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What amount should the company record the land

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Reference no: EM132489082

Question 1: A company purchased land for $75,000 cash. Commissions of $4,500, property taxes of $5,000, and title insurance of $800 were also incurred. The $5,000 in property taxes includes $4,000 in back taxes paid by the company on behalf of the seller and $1,000 due for the current year after the purchase date. For what amount should the company record the land?

Reference no: EM132489082

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