Exercise 217 (Port Level Submission) On March 1, 2017, Geoffrey Company acquired cost of $8,200; the salvaged materials were sold for $2,2 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 00. Additional expenditures before construction began Inckuded $1,500 attorney's fee for work conceming the land purchase, $5,500 res estate broker's fee, $9,100 architect's fee, and $16,000 to put in driveways and a parking lot Determine the amount to be reported as the cost of the land. Cost of the land