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On March 1, 2019, Sheffield Corp. acquired real estate on which it planned to construct a small office building. The company paid $87,000 in cash.
On March 1, 2019, Sheffield Corp. acquired real estate on which it planned to construct a small office building. The company paid $87,000 in cash. An old warehouse on the property was razed at a cost of $9,300; the salvaged materials were sold for $1,500. Additional expenditures before construction began included $1,200 attorney's fee for work concerning the land purchase, $4,500 real estate broker's fee, $7,800 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 \$ eTextbook and Media List of Accounts Attempts: 0 of 3 used
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