A company purchased land for R.O.70,000 cash Real estate brokers' commission was R.O.5.000 and R.O.7,000 was spent for demolishing an old building on the land before construction of a new building could start; proceeds from selling salvage items of old building was R.O.5.000. Under the cost principle, the cost of land would be recorded at Select one a. R.0.75,000 b. R.0.70.000 CRO 82,000 d R0.77,000