The accounting record is $460,500.
Accounting records are the documents and data that support the information reported in the financial statements of a business. They consist of all the transactions, accounts, and documents that are used to prepare the financial statements. Accounting records include journals, ledgers, accounts payable and receivable, payrolls, and other documents related to the financial activities of a company. These records provide an accurate and up-to-date history of the company's financial activity. Accounting records provide evidence for any audit and help the company to make important decisions regarding its financial future. Accounting records also provide a detailed record of the company’s financial position, allowing the company to make better predictions about the future. This helps the company to plan and budget more effectively. Accounting records are essential for businesses of any size and should be kept up-to-date and accurate at all times.
This is because the cost of the parcel of land should be recorded in the accounting records at its total cost, which includes all of the additional expenses such as attorney fees and broker's fees.
Therefore, the total cost of the parcel of land should be recorded as $460,500 ($450,000 + $3,000 + $7,500).
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