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What amount will be reported on the december

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Question 1: On January 1, 2020, Flynn Co. purchased a piece of land costing $275,000 for use in their operations. Legal fees on the transaction amounted to $5,500. The land had to be cleared for use at a cost of $3,000. Property taxes and insurance for the year amounted to $7,500. What amount will be reported on the December 31, 2020 statement of financial position for land?

Option 1: $275,000

Option 2: $291,000

Option 3: $283,500

Option 4: $280,500

Reference no: EM132493074

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