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On January 1, 2020, x purchased land at a price of $340,000. The closing costs...

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Accounting

On January 1, 2020, x purchased land at a price of $340,000. The closing costs were $10,000. An old building was removed from the land at a cost of $20,000. The removal of the building was necessary to get the land ready for its intended use. All amounts were paid with cash. Record the purchase of the land.

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