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A company purchased land for $320000 cash. The real estate brokers' commission was $21000 and $50000 was spent for demolishing an old building on the

image text in transcribed A company purchased land for $320000 cash. The real estate brokers' commission was $21000 and $50000 was spent for demolishing an old building on the land before construction of a new building could start. Under the historical cost principle, the cost of land is $341000. $320000. $370000. $391000

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