Fresh Veggies, Incorporated (FVI), purchases land and a warehouse for $520,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $32,000; title insurance, $2,200; and miscellaneous closing costs, $6,400. The warehouse is immediately demolished at a cost of $32,000 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 before credits. Transaction General Journal Debit Credit 1 520,000 Accounts Receivable 32,000 2,200 Accumulated Depreciation 6,400 Advertising Expense 32,000 Amortization Expense Buildings Record entry View general journal Cash