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>.
