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A company purchased land for $72,000 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. Proceeds from salvage of the demolished building were $1,200. Under the cost principle, the cost of land would be recorded at A. $72,000 B. $84,000 C. $77,800 D. $82,800

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