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Based on the following data, determine the cost of the land to be reported on the balance sheet. (prepare balance sheet) Land purchase price $138,000

Based on the following data, determine the cost of the land to be reported on the balance sheet. (prepare balance sheet)

Land purchase price $138,000

Broker's commission 10,000

Payment for the demolition and removal of existing building 4,000

Cash received from sale of materials salvaged from demolished building 1,500

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