Crane Chrome Bumpers bought two acres of land with an old office building on it that was deemed unusable. The cost was $393,600 of which Crane Chrome paid $65,600 in cash as a down payment and signed a 7% mortgage for the remainder. Crane Chrome immediately had the old building razed at a total cost of $7,130 and sold the salvaged materials for $1,800. Attorneys were paid $900 in connection with the purchase. The architect's fee for drawing building plans for the new building cost $5,580. Crane Chrome paid $2,540 in connection with permits and zoning variances necessary prior to construction of the new building. Crane Chrome paid the contractor $1,164,400 for construction of the new building, along with $34,440 for a parking lot and necessary walkways and driveways. Answer the following question. (a) X Your answer is incorrect. At what amount should the land be recorded? Land be recorded Touth 407950

Crane Chrome Bumpers bought two acres of land with an old office building on it that was deemed unusable. The cost was $393,600 of which Crane Chrome paid $65,600 in cash as a down payment and signed a 7% mortgage for the remainder. Crane Chrome immediately had the old building razed at a total cost of $7,130 and sold the salvaged materials for $1,800. Attorneys were paid $900 in connection with the purchase. The architect's fee for drawing building plans for the new building cost $5,580. Crane Chrome paid $2,540 in connection with permits and zoning variances necessary prior to construction of the new building. Crane Chrome paid the contractor $1,164,400 for construction of the new building, along with $34,440 for a parking lot and necessary walkways and driveways. Answer the following question. (a) At what amount should the land be recorded? Land be recorded