Highland Clothing purchased land, paying $88,000 cash and signing a $300,000 note payable. In addition, Highland paid delinquent property tax of $1,800, title insurance costing $1,550, and $5,600 to level the land and remove an unwanted building. Record the journal entry for purchase of the land. Begin by determining the cost of the land Purchase price of land Add related costs Property taxes Total cost of land