On April 1, Cadault Corporation (a calendar year end business) acquired land for $75,000 to construct a new office building. It paid legal fees paid of $2,700 and assumed delinquent property taxes of $3,500. It also paid $6,300 to remove an old building, and sold the salvaged materials from the demolition of the building for $2,300. Compute the cost of the land to be reported on the balance sheet