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Brief Exercise 7-1 (Algo) Record the initial cost of land (LO7-1) Fresh Veggies, Incorporated (FVI), purchases land and a warehouse for $530,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $33,000; title insurance, $2,300; and miscellaneous closing costs, $6,600. The warehouse is immediately demolished at a cost of $33,000 in anticipation of building a new warehouse. Determine the cost of the land and record the purchase (assuming cash was paid for all expenditures). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" In the first account field.)