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A compary purchased land for $90,000 cash. Real estate brokers commission was $5,000 and $7,000 was spent for demolishing an old bullding on the land
A compary purchased land for $90,000 cash. Real estate brokers commission was $5,000 and $7,000 was spent for demolishing an old bullding on the land before construction of a new building could start Under the cost principle, the cost of land would be recorded at a $95.000 Ob $90,000 OC 97,000 Od $102,000
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