On June 30, 2017, Bergeron Enterprises purchased a plot of land for $370,000 cash and paid $22,200 cash as a brokers' commission on the purchase. Bergeron Enterprises also agreed to pay $18,000 in back taxes owed by the previous owner to settle a tax lien against the property.

Prior to constructing a new building on the land, the company paid $16,800 cash to remove an old building and other materials from the land.

On June 30, 2017, Bergeron Enterprises paid $30,000 cash for real estate taxes for the period beginning July 1, 2017 and ending December 21, 2017.

At December 21, 2017, the land had an appraised value of $450,000. A similar plot of land adjacent to Bergeron Enterprises plot sold for $454,000 in December 2017. 98,750

1.value:

6.00 pointsRequired information

What was the total historic cost of the land on July 1, 2017, as should have been recorded by Bergeron Enterprises under GAAP?

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2.value:

3.00 pointsRequired information

In its GAAP balance sheet at December 31, 2017, Bergeron Enterprises would have reported the land at a total value of:

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