What Is the Cost of the Land, Based on the Following

question 155

Essay

What is the cost of the land, based on the following data? $\begin{array}{lr}\text { Land purchase price } & \$ 178,000 \\\text { Broker's commission } & 15,000 \\\text { Payment for demolition } & \\\text { and removal of existing building } & 5,000 \\\text { Cash received from sale of materials } & \\\text { salvaged from demolished building } & 2,000\end{array}$

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