Brief Exercise 7-1 (Algo) Record the initial cost of land (LO7-1) Fresh Veggies, Incorporated (FVI), purchases land and a warehouse for $520,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $32,000; title insurance, $2,200; and miscellaneous closing costs, $6,400. The warehouse is immediately demolished at a cost of $32,000 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.) make a debit credit chart

Brief Exercise 7-1 (Algo) Record the initial cost of land (LO7-1) Fresh Veggies, Incorporated (FV), purchases land and a worehouse for $520,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition; broker's commission, $32,000; tite insurance, $2,200; and miscellaneous closing costs, $6,400. The warehouse is immediately demolished at a cost of $32,000 in anticipation of building a new warchouse. 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.)