Meyer Company acquired a plot of land for $80,000 to construct a new office complex. It paid legal fees of 2,300, delinquent taxes of $3,400, and $5,850 to remove an old building. The company sold salvaged materials from the old building for $950. All expenditures were made in cash.
What will Meyer record on it balance sheet as the cost of the land?
Write the journal entry Meyer will make to record the purchase