Question
A company purchased land for $500,000 cash. Real estate brokers commission was $30,000 and $8,000 was spend to clear away an old building on the
A company purchased land for $500,000 cash. Real estate brokers commission was $30,000 and $8,000 was spend to clear away an old building on the land so that a new building could be constructed. Under the cost principle, what is the cost of the land?
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Financial Accounting
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, Maureen Sterling
7th Canadian Edition
1260065952, 978-1260065954
