Simons Company purchased land to build a new factory. The following expenditures were made in conjunction with the land purchase: Purchase price of the land, $150,000 Real estate commissions of 7% of the purchase price Land survey, $5,000 Back taxes, $5,000 . ok What is the initial value of the land? int ancos Multiple Choice $160,000 $160 500 Here Seve Sub What is the initial value of the land 5 Che 2 10.000 o S6,500 $5.500 @ 3170.500 MC