General
Purchase of Land with Broker Commissions
Capitalizing all costs required to get an asset ready for use.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Land | Asset (+) | 105,000.00 | - |
| Cash | Asset (-) | - | 105,000.00 |
💡 Accountant's Note
Broker fees, legal costs, and title insurance are capitalized into the cost of the Land. Land is never depreciated.
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