On March 1, 2017, Ivanhoe Company acquired real estate, on which it planned to construct a small office building, by paying $76,500in cash. An old warehouse on the property was demolished at a cost of $7,500; the salvaged materials were sold for $1,560. Additional expenditures before construction began included $1,060attorneys fee for work concerning the land purchase, $4,150real estate brokers fee, $8,560architects fee, and $13,300to put in driveways and a parking lot.

(a)Determine the amount to be reported as the cost of the land.