Gorvane buys a plot of land to hold for long-term capital appreciation. The contract sets the price at 640,000. Gorvane also pays 9,500 of notary fees, 38,400 of registration duties and 12,100 of agency commission, all directly linked to this acquisition. At what cost is the land initially recognised?
- Land price
- 640,000
- Notary fees
- 9,500
- Registration duties
- 38,400
- Agency commission
- 12,100