Soccer Wholesale purchased land and a warehouse for one price of $680,000. In addition to the purchase price, Soccer Wholesale makes the following expenditures related to the acquisition: commission to sales agent, $49,200 : title insurance, $3,100; and miscellaneous closing costs, $8,300. The warehouse is immediately demolished at a cost of $79.400 in anticipation of bullding a new warehouse: Required: Determine the amount Soccer Wholesale should report as the cost of the land. Answer is complete but not entirely correct