A company purchased land for $93,000 cash. Commissions of $13,500, property taxes of $14,000, and title insurance

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A company purchased land for $93,000 cash. Commissions of $13,500, property taxes of $14,000, and title insurance of $4,400 were also incurred. The $14,000 in property taxes includes $7,600 in back taxes paid by the company on behalf of the seller and $6,400 due for the current year after the purchase date. For what amount should the company record the land?

Posted Date: May 18, 2024 07:08 AM

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A company purchased land for $93,000 cash. Commissions of $13,500, property taxes of $14,000, and title insurance

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