Gagner Clinic purchases land for $175,000 cash. The clinic assumes $1,500 in property taxes due on the land. The title and attorney fees totaled $1,000. The clinic has the land graded for $2,200. What amount does Gagner Clinic record as the cost for the land?

Select one:

a. $179,700

b. $157,500

c. $175,000

d. $157,200 _______________________________________________________________________________

Which of the following assets does not decline in service potential over the course of its useful life?

Select one:

a. Land

b. Fixtures

c. Furnishings

d. Equipment