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Question\#1 Mississippi Veggies, Inc. (MVI) purchases land and a warehouse for $525,000. In addition to the purchase price. MVI makes the following expenditures related to the acquisition: broker's commission, $4,000 ' title insurance, $2,100, and miscellaneous closing costs, $5,400. The warehouse is demolished at $31,000 in anticipation of building a new warehouse. Determine the cost of the land and record the purchase (assuming cash was paid for all expenditures). (LO 7-1)