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Fresh Veggies, Inc. (FVI), purchases land and a warehouse for $490,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $29,000; title insurance, $1,900; and miscellaneous closing costs, $6,000. The warehouse is immediately demolished at a cost of $29,000 in anticipation of building a new warehouse. Determine the amount FVI should record as the cost of the land.

Respuesta :

Rumpelstilkski

Answer:

$555,900

Explanation:

To determine the FVI amount that should be recorded, all closing costs must be added to the initial purchase price of the land

∴ = $490,000 + $29,000 + $1,900 + $6,000 + $29, 000

 =$555,900.

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