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On March 1, 2020, Grouper Company acquired real estate on which it planned to construct a small office building. The company paid $87,000 in cash.

On March 1, 2020, Grouper Company 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 $11,000; the salvaged materials were sold for $1,900. Additional expenditures before construction began included $1,600 attorneys fee for work concerning the land purchase, $4,700 real estate brokers fee, $7,100 architects fee, and $14,200 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land.

Cost of land $

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