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The Corner Market has decided to expand its retail store by building on a vacant lot it currently owns. This lot was purchased fourteen years
The Corner Market has decided to expand its retail store by building on a vacant lot it currently owns. This lot was purchased fourteen years ago at a cost of $99,000, which the firm paid in cash. During the last fourteen years, the firm has spent another $38,000 on land improvements, all of which was also paid in cash. Today, the lot has a market value of $329,000. What value should be included in the analysis of the expansion project for the cost of the land?
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