A company purchased land for $90,000 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.Under the historical cost principle, the cost of land would be recorded at

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The Answer of A company purchased land for $90,000 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.Under the historical cost principle, the cost of land would be recorded at

A Company Purchased Land for $90,000 Cash