What Is the Cost of the Land, Based Upon the Following

Essay

What is the cost of the land, based upon the following data?
$\begin{array}{lr}\text { Land purchase price } & \$ 178,000 \\\text { Broker's commission } & 15,000 \\\text { Payment for the demolition } & \\\text { and removal of existing building } & 5,000\\\text { Cash received from the sale of materials }\\\text { salvaged from the demolished building }&2,000\end{array}$