A company purchased land for $520000 cash. The real estate brokers' commission was $21000 and $37000 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

$520000.

$578000.

$541000.

$557000.

Answer rating: 100% (QA)

The correct answer is 578000 Explanation Co... View the full answer