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On February 12 2015, Laker Company purchased a tract of land as a factory site for $175,000. An existing building on the property was razed and construction was begun on a new factory building in March of the same year. Additional data are available as follows:
Cost of razing old building $ 35,000
Title insurance and legal fees to purchase land 12,000
Architect’s fees 42,500
New building construction cost 875,000
The recorded cost of the completed factory building should be?
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Make the journal entry necessary for Landers Inc. to record the purchase if the purchase price is $650,000 cash. Assume that the purchase price is $320,000 cash. Make the journal entry necessary to record the purchase.
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