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Exercise 13-26 (Algorithmic) (LO. 1) Melba purchases land from Adrian. Melba gives Adrian $624,400 in cash and agrees to pay Adrian an additional $936,600 one

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Exercise 13-26 (Algorithmic) (LO. 1) Melba purchases land from Adrian. Melba gives Adrian $624,400 in cash and agrees to pay Adrian an additional $936,600 one year later plus interest at 6%. a. What is Melba's adjusted basis for the land at the acquisition date? b. What is Melba's adjusted basis for the land one year later

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