Current Attempt in Progress

On March $1,2027,$ Sheridan Company acquired real estate, on which it planned to construct a small office building, by paying $$83,500$ in cash. An old warehouse on the property was demolished at a cost of $$8,900$; the salvaged materials were sold for $$1,840.$ Additional expenditures before construction began included $$1,340$ attorney's fee for work concerning the land purchase, $$4,850$ real estate broker's fee, $$8,840$ architect's fee, and to put in driveways and a parking lot.

$($a$)$

Determine the amount to be reported as the cost of the land.

Cost of land

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