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A company purchased land for $440000 cash. The real estate brokers' commission was $31000 and $48000 was spent for demolishing an old building on the

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A company purchased land for $440000 cash. The real estate brokers' commission was $31000 and $48000 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 $488000 $519000 $440000. 3471000

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