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creativ13 [48]
3 years ago
12

A company purchased land for $350, 000 cash. Real estate brokers commission was $25,000 and $35,000 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. $385,000
b. $350,000
c. $375,000
d. $410,000
Business
1 answer:
docker41 [41]3 years ago
7 0

Under the historical cost principle the cost of land would be recorded at: <u>d. $410,000 </u>.

<u>Explanation</u>:

<em><u>Given</u></em>:

Purchase cost of land = $350,000

Brokers commission = $25,000

Cost for demolishing old building = $35,000

Principle cost of land = ?

Principle cost of land= Purchase cost of land+ Brokers commission+ Cost for demolishing old building

            = $350,000+$25,000+$35,000

            = $410,000

Principle cost of land= $410,000

The correct option is <u>d.$410,000</u>.

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