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What is the cost of land under the historical cost principle

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Reference no: EM132962917

Problem 1: A company purchased land for $450000 cash. The real estate brokers' commission was $30000 and $65000 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

Option 1: $515000.
Option 2: $480000.
Option 3: $545000.
Option 4: $450000.

Reference no: EM132962917

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