on January 1 Cooper's industry bought a parcel of land for use in his operations by paying the seller $100,000 in cash and sign a five-year 12% note payable and amount of $400,000 in connection with the purchase of the land coopers and current legal fees of $19,000 real estate agent sales commission of $25,000 surveying fees of $1000 and an appraisal fee of $5000 the acquisition cost of the land is white