What is cost of land to be recorded, Accounting Basics

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What is cost of land to be recorded

Response to the following problem:

On January 1, Duane Company purchases land at a cost of $55,000. Duane incurs costs of $2,000 for the closing fees and surveys. Duane also spent $7,500 on clearing costs to prepare the land for use. What is the cost of land to be recorded by Duane Company?

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Accounting Basics: What is cost of land to be recorded

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