Exacta Corporation purchased a plot of land to improve access for expansion of its existing facilities. Expenditures incurred by the company relating to this were as follows:

Price paid for the land, $40,000;

Broker's fees, $7,000;

Legal and other fees, $6,000;

Demolition of an old building on the property, $3,700;

Grading, $1,200;

Laying and paving driveway, $25,000;

Lighting and putting signs, $9,000;

Required:

Show your working for each of the following:

a. Calculate the amount to be included in Land account.(3 points)