Fresh Veggies, Incorporated (FVI), purchases land and a warehouse for $580,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $38,000; title insurance, $2,800; and miscellaneous closing costs, $7,600. The warehouse is immediately demolished at a cost of $38,000 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.)