Brief Exercise 7-1 (Algo) Record the initial cost of land (LO7-1) Fresh Veggies, Incorporated (FVI), purchases land and a warehouse for $470,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $27,000; title insurance, $1,700; and miscellaneous closing costs, $5,600. The warehouse is immediately demolished at a cost of $27,000 in anticipation of building a new warehouse. Determine the cost of the land and record the purchase (assuming cash was paid for all expenditures). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet