Ivanhoe Chrome Bumpers bought two acres of land with an old office building on it that was deemed unusable. The cost was $518,400 of which Ivanhoe Chrome paid $86,400 in cash as a down payment and signed a 7% mortgage for the remainder. Ivanhoe Chrome immediately had the old building razed at a total cost of $9,340 and sold the salvaged materials for $2,320. Attorneys were paid $1,160 in connection with the purchase. The architect's fee for drawing building plans for the new building cost $7,400. Ivanhoe Chrome paid $3,320 in connection with permits and zoning variances necessary prior to construction of the new building. Ivanhoe Chrome paid the contractor $1,533,600 for construction of the new building, along with $45,360 for a parking lot and necessary walkways and driveways. Answer the following question. (a) At what amount should the land be recorded? Land be recorded $ eTextbook and Media Save for Later Attempts: 0 of 3 used (b) The parts of this question must be completed in order. This part will be available when you complete the part above. Submit Answer

Ivanhoe Chrome Bumpers bought two acres of land with an old office building on it that was deemed unusable. The cost was $518,400 of which Ivanhoe Chrome paid $86,400 in cash as a down payment and signed a 7% mortgage for the remainder. Ivanhoe Chrome immediately had the old building razed at a total cost of $9,340 and sold the salvaged materials for $2,320. Attorneys were paid $1,160 in connection with the purchase. The architect's fee for drawing building plans for the new building cost $7,400. Ivanhoe Chrome paid $3,320 in connection with permits and zoning variances necessary prior to construction of the new building. Ivanhoe Chrome paid the contractor $1,533,600 for construction of the new building, along with $45,360 for a parking lot and necessary walkways and driveways. Answer the following question. (a) At what amount should the land be recorded? Land berecorded eTextbook and Media Attempts: 0 of 3 used (b) The parts of this question must be completed in order. This part will be ayailable when you complete the part above