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Question
burke company purchases land for $85,000 cash. burke assumes $2,500 in property taxes due on the land. the title and attorney fees totaled $1,000. burke has the land graded for $2,200. they paid $10,000 for paving of a parking lot. what amount does burke record as the cost for the land?
a.$88,200
b.$100,700
c.$90,700
d.$85,000
Answer
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