Plant Asset are recorded at 1 point Cost Fair Market Value Plant Assets 1 point are purchased with the intention to sell are purchased to be used for less than a year are used in the operation of a business have no definite shape or size Cost of Plant Assets include 1 point Purchase Price Expenditures necessary to acquire an asset ! All expenditures necessary to acquire an asset and make it ready for its intended use Type of Plant Assets are (select all that applies) 1 point Land Supplies Land Improvement Accounts Receivable Building Inventory Equipment Cash 1 point Hayes Company acquires real estate at a cash cost of $100,000. The property contains an old warehouse that is razed at a net cost of $6,000 ($7,500 in costs less $1,500 proceeds from salvaged materials). Additional expenditures are the attorney's fee, $1,000, and the real estate broker's commission, $8,000. What is the cost of the land? $100,000 $101,000 $109,000 $116,500 $115,000