Exercise AStephon Company paid $ 640,000 cash for a tract of land on which it plans to erect a new warehouse, and paid $ 8,000 in legal fees related to the purchase. Stephon also agreed to assume responsibility for $ 25,600 of unpaid taxes on the property. The company incurred a cost of $ 28,800 to remove an old apartment building from the land. Prepare a schedule showing the cost of the land acquired.