3. On March 1, 2020, Joyner Company acquired real estate on which it planned to construct a small office building. The company paid $65,000 in cash. An old warehouse on the property was razed at a cost of $7,600; the residual materials were sold for $1,700. Additional expenditures before construction began included $1,100 attorney's fee for work concerning the land purchase, $4,000 real estate broker's fee, $7,800 architect's fee, and $14,000 to put in driveways and a parking lot. Instructions Determine the amount to be reported as the cost of the land. 4. Lowe Mining Company purchased a mine for $65 million which is estimated to have 250,000 tons of ore and a residual value of $10 million. (a) In the first year, 50,000 tons of ore are extracted and sold. Prepare the journal entry to record depletion for the first year. (b) In the second year, 150,000 tons of ore are extracted but only 125,000 tons are sold. Prepare the journal entry to record depletion for the second year. (c) What amount and in what account are the tons of ore not sold reported?