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A company purchased land for $80800 cash. The real estate broker's commission was $3400 and $5400 was spent for demolishing an old building on the
A company purchased land for $80800 cash. The real estate broker's commission was $3400 and $5400 was spent for demolishing an old building on the land before construction of a new building could start. Salvaged proceeds from the demolished building were $1500. Under the historical cost principle, the cost of land is $80800.$88100.$84700$89600
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