A company purchased land for $520000 cash. The real estate brokers' commission was $28000 and $52000 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 O $572000. O $548000. O $520000. O $600000.

A company purchased land for $520000 cash. The real estate brokers' commission was $28000 and $52000 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 $572000. $548000. $520000. $600000