95. Shannon Ltd. acquires land for $60,000 cash. Additional costs are as follows. Removal of shed $ 500 Filling and grading 1,500 Proceeds from salvage material 120 Paving of parking lot 8.000 Closing costs 560 Shannon will record the acquisition cost of the land as Coo $60,000 150 $62,060 5 60 $62,440 $70,440