Gagner Clinic purchases land for $150,000 cash. The clinic assumes $1,500 in property taxes due on the land. The title and attorney fees totaled $1,000. The clinic has the land graded for $2,200. What amount does Gagner Clinic record as the cost for the land?
a. $132,200
b. $154,700
c. $150,000
d. $132,500
Answers: 2
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Gagner Clinic purchases land for $150,000 cash. The clinic assumes $1,500 in property taxes due on t...
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