Determine the Cost of the Land, Based on the Following

question 92

Essay

Determine the cost of the land, based on the following data. $\begin{array}{lr}\text {Land purchase price }&\$90,000\\\text { Broker's commission}&7,500\\\text {Payment for the demolition and removal of existing building }&2,500\\\text {Cash received from the sale of materials salvaged from the demolished buil ding }&500\\\end{array}$