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Question
a company purchased land for $72,000 cash. 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. proceeds from salvage of the demolished building was $1,200. under the cost principle, the cost of land would be recorded at
a.$82,800
b.$72,000
c.$77,800
d.$84,000
Answer
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