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A company purchased land for $98600 cash. Real estate brokers' commission was $3500 and $7800 was spent for demolishing an old building on the land

A company purchased land for $98600 cash. Real estate brokers' commission was $3500 and $7800 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 was $1100. Under the historical cost principle, the cost of land would be recorded at

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