4. Bemis Company acquires land for $65,000 cash. The company plans to construct a new corporate office building on the purchased land. The land has an existing shed that must be removed to prepare for the construction of the new building. Additional costs are as follow. Removal of shed Filling and grading Salvage value of the shed Broker commission Fencing costs $ 500 1,500 320 1,130 10,000 850 Closing costs Bemis will record the cost of the land as a. $68,660. b. $69,300. c. $68,980. d. $65,000