An old building on the land was torn down at a cost of 2000, Accounting Basics

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An old building on the land was torn down at a cost of 2000

Problem

Masey Corporation purchased a piece of land for $50,000. Masey pay attorney fees of $5,000 and broker's commission of $4,000 in connection with the purchase. An old building on the land was torn down at a cost of $2000, and proceeds from the scrap were $500. how much is the total cost of the land?

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Accounting Basics: An old building on the land was torn down at a cost of 2000

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Accounting Basics: An old building on the land was torn down at a cost of 2000

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