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Emily purchased a building to store inventory for her

Question - Emily purchased a building to store inventory for her business. The purchase price was $520,000. Beyond this, Emily incurred the following necessary expenses to get the building ready for use: $2,000 to repair minor leaks in the roof, $5,500 to make the interior suitable for her finished goods, and $515 in legal fees.

What is Emily's cost basis in the new building?

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Accounting Basics: Emily purchased a building to store inventory for her

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