Key Company purchased land for $350,000 with intentions to construct an office building on the site.At the time of the closing,Key Company paid closing costs of $5,000,title fees of $800,and attorney's fees of $3,200.When Key Company purchased the land,removal of an old building was completed in preparation for the new building at a cost of $8,000.However,Key Company was able to sell a portion of the building materials retrieved from the old,demolished building to a local contractor for $2,000.After $21,000 was paid to grade the property,a building was constructed at a total cost of $600,000.
Required:
Based on the previous information,identify the total acquisition costs for the land and the building.

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The Answer of Key Company purchased land for $350,000 with intentions to construct an office building on the site.At the time of the closing,Key Company paid closing costs of $5,000,title fees of $800,and attorney's fees of $3,200.When Key Company purchased the land,removal of an old building was completed in preparation for the new building at a cost of $8,000.However,Key Company was able to sell a portion of the building materials retrieved from the old,demolished building to a local contractor for $2,000.After $21,000 was paid to grade the property,a building was constructed at a total cost of $600,000.
Required:
Based on the previous information,identify the total acquisition costs for the land and the building.

Key Company Purchased Land for $350,000 with Intentions to Construct