Question 2 of 8

Current Attempt in Progress On March 1, 2027, Wildhorse Company acquired real estate, on which it planned to construct a small office building, by paying $80,000 in cash. An oid war ehouse on the property was demolished at a cost of $8,200; the salvaged materials were sold for $1,700. Additional expenditures before construction began included $1,200 attorney/s fee for work concerning the land purchase, $4,500 real estate broker's fee, $8,700 architect's fee, and $14,000 to put in driveways and a parking lot.

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

Cost of land $