On March 1, 2022, Blossom Company acquired real estate, on which it planned to construct a small office building, by paying $80,500 in cash. An old warehouse on the property was demolished at a cost of $8,300; the salvaged materials were sold for $1,720. Additional expenditures before construction began included $1,220 attorneys fee for work concerning the land purchase, $4,550 real estate brokers fee, $8,720 architects fee, and $14,100 to put in driveways and a parking lot.

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