RenFair Clothing purchased land, paying $$80,000$ cash and signing a $$220,000$ note payable. In addition, RenFair Clothing paid delinquent property tax of $$1,500,$ title insurance costing $$800,$ and $$4,000$ to level the land and remove an unwanted building. Record the journal entry for purchase of the land.

Begin by determining the cost of the land.

Purchase price of land

Add related costs:

Total cost of land