The following costs were associated with the acquisition of the land where XYZ, Inc. acquired and
intended to construct its new warehouse. What items will be capitalized and included in the price
of the land?
	purchase price				$1,000,000
	closing costs				$50,000
	attorneys fees at closing				$10,000
	real estate agent commissions				$60,000
	title fee				$2,500
	title search				$4,500
	recording fee				$1,000
	clearing, filling, draining				$3,500
	removing old building cost				$15,000
	proceeds from sale of old building				$12,000
	fence constructed around land cost				$6,500
	cost of driveway on land to build parking lot				$8,500
	insurance for first year				$12,000
	property taxes for first year				$16,500