A company incurred the following costs associated with the purchase of a piece of land that it
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Question:
A company incurred the following costs associated with the purchase of a piece of land that it will use to re-build an office building:
| Purchase price of the land | $ 402,000 |
|---|---|
| Sale of salvaged parts already on the land | $ 22,000 |
| Demolition of the old building | $ 32,000 |
| Ground-breaking ceremony (food and supplies) | $ 1,600 |
| Land preparation and leveling | $ 7,600 |
What amount should be recorded for the purchase of the land?
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