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Ivanhoe Clinic purchases land for $540000 cash. The clinic assumes $4200 in property taxes due...

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Accounting

Ivanhoe Clinic purchases land for $540000 cash. The clinic assumes $4200 in property taxes due on the land. The title and attorney fees totaled $2800. The clinic had the land graded for $7100. What amount does Ivanhoe Clinic record as the cost for the land?

$547100.

$540000.

$554100.

$547000.

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