Business, 16.04.2020 21:21 catherinesquitieri

A company purchased land for $92,000 cash. Commissions of $13,000, property taxes of $13,500, and title insurance of $4,200 were also incurred. The $13,500 in property taxes includes $7,400 in back taxes paid by the company on behalf of the seller and $6,100 due for the current year after the purchase date. For what amount should the company record the land? a. $112,400. b. $116,600. c. $122,700. d. $92,000.

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A company purchased land for $92,000 cash. Commissions of $13,000, property taxes of $13,500, and ti...