2. Gold Co. purchased land at a cost of $97,500. Gold paid for title insurance, real estate commission and other closing costs of \$4,500. An old building was removed from the land at a cost of $18,500. What amount should be recorded as the cost of the land? 3. Gold Co. acquired a second tract of land by issuing 30,000 shares of its $0.05 par common stock. The land had been appraised at $95,000. Gold's common stock trades on an active exchange; the stock price was $3.50 on the date of the acquisition. 2. Gold Co. purchased land at a cost of $97,500. Gold paid for title insurance, real estate commission and other closing costs of \$4,500. An old building was removed from the land at a cost of $18,500. What amount should be recorded as the cost of the land? 3. Gold Co. acquired a second tract of land by issuing 30,000 shares of its $0.05 par common stock. The land had been appraised at $95,000. Gold's common stock trades on an active exchange; the stock price was $3.50 on the date of the acquisition