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Item1 12.5points eBook Print References Check my workCheck My Work button is now enabled Item 1 Fresh Veggies, Inc. (FVI), purchases land and a warehouse

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Fresh Veggies, Inc. (FVI), purchases land and a warehouse for $490,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $29,000; title insurance, $1,900; and miscellaneous closing costs, $6,000. The warehouse is immediately demolished at a cost of $29,000 in anticipation of building a new warehouse.

Determine the amount FVI should record as the cost of the land

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