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Cost of a Fixed Asset Borges Inc. recently purchased land to use for the construction of its new manufacturing facility and incurred the following costs:
Cost of a Fixed Asset
Borges Inc. recently purchased land to use for the construction of its new manufacturing facility and incurred the following costs: purchase price, $78,000; interest charges, $500; real estate commissions, $4,800; delinquent property taxes, $1,500; closing costs, $3,300; and clearing and grading of the land, $8,100.
Required: Determine the cost of the land.
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