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Demolishing an old building on the land before construction

A company purchased land for $90,000 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. Under the cost principle, the cost of land would be recorded

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Accounting Basics: Demolishing an old building on the land before construction

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Accounting Basics: Demolishing an old building on the land before construction

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