es/586738/assignments/6929452/submissions/659404 note receivable 6 7 O points earned A company purchased land for $94,000 cash. The real estate brokers' commission was $5,000 and $7,000 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 is X $94,000 $104,800 $99,800 $106,000 1 point earned Equipment was purchased for $145,000. Freight charges amounted to $5,000 and there was a cost of $20,000 for installing the equipment. It is estimated that the equipment will have a $10,000 salvage value at the end of its 5-year useful life. Depreciation expense each year using the straight- line method will be