Clawson Clothing purchased land, paying $115,000 cash and signing a $200,000 note payable. In addition, Clawson paid delinquent property tax of $2,000, title insurance costing $600, and $5,400 to level the land and remove an unwanted building. Record the journal entry for purchase of the land. Begin by determining the cost of the land. Purchase price of land Add related costs: Total cost of land

Clawson Clothing purchased land, paying $115,000 cash and signing a $200,000 note payable. In addition, Clawson paid delinquent property tax of $2,000, title insurance costing $600, and $,400 to level the land and remove an unwanted building. Rocord tho joumal entry for purchase of the land