A company purchased land for $90,000 cash. Commissions of $12,000, property taxes of $12,500, and title insurance of $3,800 were also incurred. The $12,500 in property taxes includes $7,000 in back taxes paid by the company on behalf of the seller and $5,500 due for the current year after the purchase date. For what amount should the company record the land?

Answer rating: 100% (QA)

1 Purchase price The company purchased the land for 90000 cash ... View the full answer