ACCOUNTING: DETERMINE THE AMOUNT TO BE REPORTED AS THE COST OF LAND

On March 1, 2022, Monty Company acquired real estate on which it planned to construct a small office building. by paying $85,000 in cash. An old warehouse on the property was demolished at a cost of $9,700; the salvaged materials were sold for $1,800. Additional expenditures before construction began included $1,000 attorney's fee for work concerning the land purchase, $4,400 real estate broker's fee, $7,500 architect's fee, and $14,800 to put in driveways and a parking lot. Determine the amount to be reported as the cost of the land. Cost of land $ eTextbook and Media Attempts: 0 of 6 used