On February 13, 2025, SIEMENNS Ltd. signed a $2,000,000 note…
On February 13, 2025, SIEMENNS Ltd. signed a $2,000,000 note payable to purchase 5 acres of land to construct warehouses. SIEMENNS also paid the following in cash: $10,000 real estate commission $8,000 back property tax $25,000 removal of an old building $4,000 prepaid landsaping maintenance fees $60,000 for fencing and lighting the property What amount should be recorded as the cost of the Land?