(Answered) Question - soccer wholesale purchased land and a warehouse

Accounting

Question - Soccer Wholesale purchased land and a warehouse for $620,000. In addition to the purchase price, Soccer Wholesale makes the following expenditures related to the acquisition: broker's commission, $43,300; title insurance, $3,600; and miscellaneous closing costs, $7,300. The warehouse is immediately demolished at a cost of $84,400 in anticipation of building a new warehouse.

Determine the amount Soccer Wholesale should record as the cost of the land.

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