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A company purchased land for $70,000 cash. Real estate brokers commission was $5,000 and $7,000 was spent for demolishing an old building on the land

A company purchased land for $70,000 cash. Real estate brokers commission was $5,000 and $7,000 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 would be recorded at

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