A company purchased land for $96200 cash. Real estate brokers' commission was $3300 and $7200 was spent for demolishing an old building on the land before construction of a new building could start. Proceeds from salvage of the demolished building was $1500. Under the historical cost principle, the cost of land would be recorded at
a. $96200.
b. $106700.
c. $105200.
d. $101900.
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