On January 1, 2022, Marina Company purchased a land for $150,000 cash, paid $11,000 commission to...

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On January 1, 2022, Marina Company purchased a land for $150,000 cash, paid $11,000 commission to a broker, $8,000 for a parking lot, $3,000 for fences and $6,000 for demolishing an old building on the purchased land. Instructions: a. Compute Cost of Land. b. Prepare the appropriate journal entry for the acquisition of land knowing that all expenses are paid in Cash. Date Account Title and Explanation Ref Debit Credit On January 1, 2022, Marina Company purchased a land for $150,000 cash, paid $11,000 commission to a broker, $8,000 for a parking lot, $3,000 for fences and $6,000 for demolishing an old building on the purchased land. Instructions: a. Compute Cost of Land. b. Prepare the appropriate journal entry for the acquisition of land knowing that all expenses are paid in Cash. Date Account Title and Explanation Ref Debit Credit