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What the cost of land would be recorded at

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Problem 1: A company purchased land for $490000 cash. Real estate brokers' commission was $34000 and $45000 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 would be recorded at

Option 1: $490000.

Option 2: $524000.

Option 3: $569000.

Option 4: $535000.

Reference no: EM132829118

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