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On February 1, 2010, Nelson Corporation purchased a parcel of land as a factory site for $200,000. An old building on the property was demolished,

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On February 1, 2010, Nelson Corporation purchased a parcel of land as a factory site for $200,000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2010. Costs incurred during this period are listed below: Nelson should record the cost of the land and new building, respectively, as

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