During the current year, AGH Co. had the following transactions pertaining to its new office building. Purchase price for the land $120,000 Legal fees for contracts to purchase land $2,000 Architect fees $12,000 Demolition of the old building on site $12,000 Sale of scrap from old building $8,000 Construction of new building $723,000 What should be recorded on its books total cost of the land? Your Answer: Magnolia Inc purchased a piece of equipment for $28,000. Regarding the purchase, Magnolia Inc recorded the following transactions: Paid shipping of $1,100 Paid a setup fee of $2,300 Paid for annual maintenance cost of $180 Received a 15\% discount on the sales price What is the acquisition cost of the equipment? Your