Fresh Veggies, Incorporated $($FVI$),$ purchases land and a warehouse for $$430,000.$ In addition to the purchase price, FVI makes the

following expenditures related to the acquisition: broker's commission, $$23,000$; title insurance, $$1,300$; and miscellaneous closing

costs, $$4,600.$ The warehouse is immediately demolished at a cost of $$23,000$ in anticipation of building a new warehouse.

Determine the cost of the land and record the purchase $($assuming cash was paid for all expenditures$).($If no entry is required for a

particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

$1$

Record the purchase of the land.

Note: Enter debits before credits.