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A company purchased land for $370000 cash. The real estate brokers' commission was $31000 and $39000 was spent for demolishing an old building on the

A company purchased land for $370000 cash. The real estate brokers' commission was $31000 and $39000 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 $440000. $409000. $401000. $370000 image text in transcribed

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