Exercise 9-3 On March 1, 2019, Blossom Company acquired real estate on which it planned to construct a small office building. The company paid $80,000 in cash. An old warehouse on the property was razed at a cost of $10,400; the salvaged materials were sold for $2,700. Additional expenditures before construction began included $1,600 attorney's fee for work concerning the land purchase, $5,500 real estate broker's fee, $7,400 architect's fee, and $13,000 to put in driveways and a parking lot. Determine the amount to be reported as the cost of the land Cost of land