Pt Co. should record the cost of the land at $250,000
The cost of acquisition refers to the total expense incurred by a business at the point of acquiring a new asset.
Given the details provided in the question :
Purchasing cost of the land
= $200,000
Closing costs paid
= $15,000
Total regarded cost of the land
= $35,000
Then,
PT should record the cost of the land as
= Purchasing cost of the land + Closing costs paid + Total regarded cost of the land
= $200,000 + $15,000 + $35,000
= $250,000
Hence, Pt Co. should record the cost of the land at $250,000
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