24 1 HouThe company purchased land for $150,000 cash. Commissions of $9,000, property taxes of $3,750, and titleinsurance of $1,500 were also incurred. The $3,750 in property taxes includes $2,000back taxes paid bythe company on behalf of the seller and $1,750 due for the current year after the purchase date. For whatamount should the land be recorded?O $150,000O $162,500O $164,250O $161,000

Cost of the Land = Purchase costs + Commission + Property taxes paid by the company on behalf of the…

The company purchased land for $150,000 cash. Commissions of $9,000, property taxes of $3,750, and title insurance of $1,500 were also incurred. The $3,750 in property taxes includes $2,000 in back taxes paid by the company on behalf of the seller and $1,750 due for the current year after the purchase date. For what amount should the land be recorded? O $150,00O O $162,500 O $164,250 O $161,00O