On March 1, 2017, Sheridan Company acquired real estate, on which it planned to construct a small office building, by paying $83,500 in cash. An old warehouse on the property was demolished at a cost of $8,900; the salvaged materials were sold for $1,840. Additional expenditures before construction began included $1,340 attorneys fee for work concerning the land purchase, $4,850 real estate brokers fee, $8,840 architects fee, and $14,700 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land.