Name: Thinking ( 8 marks) Interpretive Exercises - Use the following data to answer the questions that follow. Chan Company bought real estate, on which there was an old office bullding, for 5700,000 . They paid $70,000 in cash as a down payment and signed a 6% mortgage for the remainder. They got an appraisal on the property and it was valued at $550,000 and the build $55,000 and had to $230,000. They immediately had the old buiding demolished at a netd cors $6,000 in connection with the install a new sewage drainage that cost $25,000. Lawy with permits and zoning variances necessary land purchase and an additional $3,000 in connection for excavation for the basement of the nev for Chan's new office building. $20,000 was paid the new building, and $75,000 was paid for a building, $1,500,000 was paid for const improvements. 9. Based on this information, 10. Based on this information, what should the cost of the LAND be recorded as from this basket purchase