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These expenditures were incurred by Shumway Ltd. in purchasing land: cash price $450,000; legal fees $8,500; removal of old building $25,000; cost of clearing and

These expenditures were incurred by Shumway Ltd. in purchasing land: cash price $450,000; legal fees $8,500; removal of old building $25,000; cost of clearing and grading $6,500; installation of fence $3,000. What is the cost of the land

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