Current Attempt in Progress On March 1, 2025, Pharoah Company acquired real estate, on which it planned to construct a small office building, by paying $83,000 in cash. An old warehouse on the property was demolished at a cost of $8,800; the salvaged materials were sold for $1,820. Additional expenditures before construction began included $1,320 attorney's fee for work concerning the land purchase, $4,800 real estate broker's fee, $8,820 architect's fee, and $14,600 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land. Cost of the land $

On March 1, 2025, Pharoah Company acquired real estate, on which it planned to construct a small office building, by paying $83,000 in cash. An old warehouse on the property was demolished at a cost of $8,800; the salvaged materfals were sold for $1,820. Additional expenditures before construction began included $1,320 attorney's fee for work concerning the land purchase, $4,800 real estate broker's fee, $8,820 architect's fee, and $14,600 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land. Cost of the land