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A company purchased land for $91000 cash, Real estate brokers' commission was $5500 and $8000 was spent for demolishing an old building on the land

A company purchased land for $91000 cash, Real estate brokers' commission was $5500 and $8000 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 $110000. $771000. $91000. $104500. n

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