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Question - An entity purchased attract of land as an investment property. The entity razed an old building on the property.
Purchase price of land and an old building
4,000,000
Fair value of old building
300,000
Demolition of old building
200,000
Proceeds from sale of salvaged materials
20,000
Legal fees for purchase contract and recording ownership
150,000
Title guarantee insurance
50,000
Payment of property taxes in arrears on land
100,000
Option paid for an alternative land not acquired
30,000
Special assessments for city improvements
120,000
Required - What is the cost of the land?
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