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Land is purchased for $62,500. Back taxes paid by the purchaser were $7,500; total costs...

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Accounting

Land is purchased for $62,500. Back taxes paid by the purchaser were $7,500; total costs to demolish an existing building were $11,000; fencing costs were $12,500; and lighting costs were $1,500. What is the cost of the land? (Please provide and explanation of the answer)

A) $62,500

B) $81,000

C) $93,500

D) $95,000

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