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A company purchased land for $90,000 cash. Commissions of $12,000, property taxes of $12,500, and title insurance of $3,800 were also incurred. The $12,500 in
A company purchased land for $90,000 cash. Commissions of $12,000, property taxes of $12,500, and title insurance of $3,800 were also incurred. The $12,500 in property taxes includes $7,000 in back taxes paid by the company on behalf of the seller and $5,500 due for the current year after the purchase date. For what amount should the company record the land?
90,000
118,300
112,800
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