The Jupiter Company purchased a parcel of land to be used as the site of a new office complex. The following data pertain to the purchase of the land and the beginning of construction for the new building:

Purchase price of land

$200,000

Attorney”s fees for land transaction

1,000

Title insurance cost

2,000

Survey fees to determine the boundaries of the lot

800

Excavation costs for the building”s foundation

8,000

Costs of clearing and grading the land

1,400

The total acquisition cost of the land is:

  1. $213,200.
  2. $205,200.
  3. $203,800.
  4. $202,400.
  5. $200,000.