In order to destroy or ruin, especially on purpose; tear down; raze to put an end to; destroy; explode: the house is demolished.
The land is called derelict after buildings are demolished.
The demolition of the old building was done to improve the land and get it ready for use therefore it is to be capitalized along with the cost of the land such that in the balance sheet when the Land is recorded, it will include the demolition cost.
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