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On January 2 of the current year, Ayana, Inc. acquired land for $2,300,000 to be used to construct a new service and repair center. The
On January 2 of the current year, Ayana, Inc. acquired land for $2,300,000 to be used to construct a new service and repair center. The closing costs amounted to S100,000 and Vaughn paid $24,000 for the current period's property taxes. There was an existing structure on the land that had been abandoned for several years. Vaughan agreed to remove the building and dispose of any scrap materials. The demolition cost was $64,000 and the company was required to pay $14,300 to remove the debris. Vaughn was able to sell scrap materials for $4,700 Read the requirements. Requirement a. Determine the cost of the land and any expenses incurred during the acquisition. The cost of the land is Sand the costs charged to expense related to the acquisition is$ Enter any number in the edit fields and then click Check
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