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4 January, 23:21

Based on the following data, what is the cost of the land?

Land purchase price $196,022

Broker's commission 16,158

Payment for demolition and removal of existing building 4,993

Cash received from sale of materials salvaged from demolished building 2,645 $

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  1. 5 January, 00:17
    0
    cost = 214528

    Explanation:

    the cost of the asset includes

    . purchase price

    . directly attributable cost and

    . certain future costs

    in the given scenario

    purchase price = 196022

    direct. attributable cost:

    commission cost = 16158

    net removal cost (4993-2645) = 2348

    total cost of land = 214528
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