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A company purchased land for $80400 cash. The real estate brokers' commission was $4400 and $7500 was spent for demolishing an old building on the
A company purchased land for $80400 cash. The real estate brokers' commission was $4400 and $7500 was spent for demolishing an old building on the land before construction of a new building could start. Proceeds from salvage of the demolished building were $1200. Under the historical cost principle, the cost of land is $92300. $80400. $86700. $91100
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