Question: On March 1 , 2 0 2 2 , Blossom Corporation acquired real estate, on which is planned to construct a small office building, by

On March 1,2022, Blossom Corporation acquired real estate, on which is planned to construct a small office building, by paying $99,200 in cash. An old warehouse on the property was demolished at a cost of $10,080; the salvaged materials were sold for $2,020. Additional expenditures before construction began included a $1,860 legal fee for work concerning the land purchase, a $11,240 architects fee, and $17,360 to put in driveways and a parking lot.determine the amount to be reported as the cost of land.

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