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Soccer Wholesale purchased land and a warehouse for one price of $810,000. In addition to the purchase price, Soccer Wholesale makes the following expenditures related
Soccer Wholesale purchased land and a warehouse for one price of $810,000. In addition to the purchase price, Soccer Wholesale makes the following expenditures related to the acquisition: broker's commission, $49,300; title insurance, $4,100; and miscellaneous closing costs, $6,300. The warehouse is immediately demolished at a cost of $78,100 in anticipation of building a new warehouse.
Determine the amount Soccer Wholesale should record as the cost of the land.
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