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Prepare a single journal entry to record the given costs

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Reference no: EM131795422

Question - A company purchased property for a building site. The costs associated with the property were:

Purchase price $175,000

Real estate commissions 15,000

Legal fees 800

Expenses of clearing the land 2,000

Expenses to remove old building 1,000

Prepare a single journal entry to record the above costs assuming all transactions are paid in cash.

Reference no: EM131795422

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