Shelton Co. purchased a parcel of land six years ago for $870,500. At that time, the company
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Shelton Co. purchased a parcel of land six years ago for $870,500. At that time, the company spent $142,000 to level the site so it could be used. Since the company was not ready to use the site at that time, it decided to lease the land for $52,500 per year. The company is now considering building a warehouse on the site as the lease is about to expire. The current value of the land is $922,000. What value should be included in the initial cost of the warehouse project for the use of this land?
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