Fresh Veggies, Incorporated (FVI), purchases land and a warehouse for $480,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $28,000; title insurance, $1,800; and miscellaneous closing costs, $5,800. The warehouse is immediately demolished at a cost of $28,000 in anticipation of building a new warehouse.

Journal entry worksheet

Record the purchase of the land.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
1