Elance Exams Answers PDF file

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Simons Company is purchasing land to build a new factory. The following are the expenses incurred to purchase the land: • Purchase price of the land $150,000 • Real estate commissions $10,500 • Back property taxes $5,000 • Survey $5,000 At what amount should Simons record the land?

$165,500.
$160,000.
$170,500.
$171,500.
$160,200.
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