Question: Orange & Blue, Inc., incurred the following expenditures when purchasing land: $47,000 purchase price; $4,500 in taxes; $2,000 of sales commissions; and $13,000 for clearing

Orange & Blue, Inc., incurred the following expenditures when purchasing land: $47,000 purchase price; $4,500 in taxes; $2,000 of sales commissions; and $13,000 for clearing and grading, of which $8,000 was for removing an old building.
Required
Determine the acquisition cost of the land.

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