Fresh Veggies, Incorporated (FVI), purchases land and a warehouse for $550,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $35,000; title insurance, $2,500; and miscellaneous closing costs, $7,000. The warehouse is immediately demolished at a cost of $35,000 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.) View transaction list Journal entry worksheet < 1 Record the purchase of the land. Note: Enter debits bef Transaction 1 No Journal Entry Required Debit Credit Accounts Payable Accounts Receivable Accumulated Depreciation Record entry Clear entry View general journal