ABC Co.purchased a parcel of land for $300,000.It paid attorney fees of $2,000 to verify title to the land.In addition,it paid a broker's fee of $5,000 to help find a suitable parcel of land.This parcel of land should be recorded in the accounting records for:
A) $300,000.
B) $302,000.
C) $305,000.
D) $307,000.

Question

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The Answer of ABC Co.purchased a parcel of land for $300,000.It paid attorney fees of $2,000 to verify title to the land.In addition,it paid a broker's fee of $5,000 to help find a suitable parcel of land.This parcel of land should be recorded in the accounting records for:
A) $300,000.
B) $302,000.
C) $305,000.
D) $307,000.

ABC CoPurchased a Parcel of Land for $300,000