Multiple Choice Question 47 A company purchased land for $80400 cash. The real estate brokers' commission was $4400 and $7500 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 were $1200. Under the historical cost principle, the cost of land is $92300. $80400 586700 $91100 Click if you would like to Show Work for this question: Open Show. Work Question Attempts: 0 of 1 used SUBMIT