On March 1, 2017, Blossom Company acquired real estate, on which it planned to construct a small office building, by paying $75,000 in cash. An old warehouse on the property was demolished at a cost of $7,200; the salvaged materials were sold for $1,500. Additional expenditures before construction began included $1,000 attorney's fee for work concerning the land purchase, $4,000 real estate broker's fee, $8,500 architect's fee, and $13,000 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land. Cost of land $ 10,700