Fresh Veggies, Incorporated (FVI), purchases land and a warehouse for $570,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $37,000; title insurance, $2,700; and miscellaneous closing costs, $7,400. The warehouse is immediately demolished at a cost of $37,000 in anticipation of building a new warehouse. Determine the cost of the land and record the purchase (assuming cash was paid for all expenditures).

Journal entry worksheet Note: Enter debits before credits