On March 1, 2020, Splish Brothers Inc. acquired real estate on which it planned to construct a small office building. The company paid $77,000 in cash. An old warehouse on the property was razed at a cost of $10,400; the salvaged materials were sold for $3,300. Additional expenditures before construction began included $1,000 attorneys fee for work concerning the land purchase, $5,400 real estate brokers fee, $7,300 architects fee, and $14,900 to put in driveways and a parking lot.

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

Question 1 of 4 071 III View Policies Show Attempt History Current Attempt in Progress Your answer is incorrect. On March 1, 2020, Splish Brothers Inc. acquired real estate on which it planned to construct a small office building. The company paid $77,000 in cash. An old warehouse on the property was razed at a cost of $10,400; the salvaged materials were sold for $3,300. Additional expenditures before construction began included $1,000 attorney's fee for work concerning the land purchase, $5,400 real estate broker's fee, $7,300 architect's fee, and $14,900 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land. Cost of land $ eTextbook and Media List of Accounts Save for Later Attempts: 2 of 15 used Submit