On March 1, 2023, Michael Industries purchased a parcel of land for $100,000. An old structure on the property was demolished at a cost of $7,000 and the salvaged materials were sold for $1,000. Michael Industries also paid $2,242 in attorney fees and $8,274 in real estate broker's commission. 

What is the cost of the land?

Answer rating: 100% (QA)

To calculate the cost of the land we need to consider the purchase price of the ... View the full answer