Fairview Clothing purchased land paying $122,000 cash and signing a $200.000 note payable. In addition. Fairview paid delinquent property tax of $1,900 title ins rance costing $950, and S5,500 to level the land and remove an unwanted building. Record the journal entry for purchase of the land. Begin by determining the cost of the land Purchase price of land Add related costs: Total cost of land Record the journal entry for purchase of the land. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Pe Fairview Clothing purchased land, paying $122,000 cash and signing a $200,000 note payable. In addition, Fairview paid delinquent property tax of $1,900, title insurance costing $950, and S5,500 to level the land and remove an unwanted building. Record the journal entry for purchase of the land Begin by determining the cost of the land Purchase price of land Add related costs: Accumulated Depreciation-Land Cash Total cost o Depreciation Expense-Land Record the Gain on Disposal journal entry Land ry. Record debits first, then credits. Select the explanation on the last line of the Loss on Disposal Maintenance Expenses Notes Payable Property Taxes Title Insurance Date Debit Credit Fairview Clothing purchased land, paying $122,000 cash and signing a $200,000 note payable. In addition, Fairview paid delinquent property tax of $1,900, title insurance costing 950, and $5,500 to level the land and remove an unwanted building. Record the journal entry for purchase of the land. Begin by determining the cost of the land. Purchase price of land Add related costs Total cost of land Record the journal entry for purchase of the land. (Record a single compound journal entry. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Pe To record depreciation on land To record purchase of land with cash To record purchase of land with cash and note payable To record sale of land Choose fron e next