State why the other costs listed on page 370 are included as part of the cost of the land. After the

(Learning Objective 1: Measuring the cost of a plant asset) Page 369370 of this chapter lists the costs included for the acquisition of land. First is the purchase price of the land, which is obviously part of the cost of the land. The reasons for including the other costs are not so obvious. For example, property tax is ordinarily an expense, not part of the cost of an asset. State why the other costs listed on page 370 are included as part of the cost of the land. After the land is ready for use, will these other costs be capitalized or expensed?

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