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On March 1, 2022, Blue Spruce Corp. acquired real estate, on which it planned to construct a small office building, by paying $85.000 in cash. An old warehouse on the property was demolished at a cost of $9.100; the salvaged materials were sold for $3,500. Additional expenditures before construction began included $2,000 attorney's fee for work concerning the land purchase, $5,000 real estate broker's fee, $8,000 architect's fee, and $14,000 to put in driveways and a parking lot. (a) Determine the amount to be recorded as the cost of the land. Cost of land $ Cheyenne Corp. was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. Debit 1. 2 3. 4. 5. 6. 7. 8. 9. Excavation costs for new building Architect's fees on building plans Full payment to building contractor Cost of real estate purchased as a plant site Cost of parking lots and driveways Accrued real estate taxes paid at time of purchase of land Installation cost of fences around property Cost of demolishing building to make land suitable for construction of new building Real estate taxes paid for the current year on land $22.000 33.000 672.000 289.000 32,000 3,470 6,600 33.000 5.900 $1,096,970 Credit Proceeds from salvage of demolished building 10. $13,000 Analyze the transactions using the following table column headings. Enter the amounts in the appropriate columns. For amounts in the Other Accounts column, also indicate the account title. (If an amount reduces the account balance then enter with a negative sign preceding the number, e.g.-15,000 or parenthesis, e.3. (15,000)) Item Land Buildings Other Accounts 1. $ $ 2 3. 4. > 5. 6. 7. > 8. 9. > 10. $ $ Amortization Expense Cash Depreciation Expense Land Improvements Property Tax Expense