JP acquired a tract of land and paid for it in full by issuing (A) $400,000 of
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JP acquired a tract of land and paid for it in full by issuing (A) $400,000 of its 9 percent bonds payable after a year and (B) 50,000 of its common shares. The shares were sold at $17.82 per share. The land should be recorded at a cost of (rounded to the nearest thousands)?
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