Stephon Company paid USD 640,000 cash for a tract of land on which it plans...
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Accounting
Stephon Company paid USD 640,000 cash for a tract of land on which it plans to erect a new warehouse, and paid USD 8,000 in legal fees related to the purchase. Stephon also agreed to assume responsibility for USD 25,600 of unpaid taxes on the property. The company incurred a cost of USD 28,800 to remove an old apartment building from the land. Prepare a schedule showing the cost of the land acquired.
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