General Company purchased equipment for $400 cash. Related expenditures were sales taxes payable $40, insurance during transit $30, oil for testing $20, one-year insurance policy $500, freight charges $10, and $200 on oil to be used by the equipment in the first year. The cost of equipment is: * $1,200 $1,000 $500 $480 None of the above Carlos Company bought a land, on which there was an old building, for $900,000. They immediately had the old building removed at a net cost of $30,000. Attorneys were paid $7,000 in connection with the land purchased and an additional $3,000 in connection with permits necessary for the construction of Carlos new office building. $25,000 was paid for excavation for the basement of the new building. $2,100,000 was paid for construction of the new building. The Cost of the Land will be recorded as: * $907,000 $937,000 $941,200 $935,800 $960,800 ........