On March 1, 2022, Kingbird, Inc. acquired real estate, on which it planned to construct a small office building, by paying $84,500 in cash. An old warehouse on the property was demolished at a cost of $9,200; the salvaged materials were sold for $3,400. Additional expenditures before construction began included $1,950 attorney's fee for work concerning the land purchase, $5,900 real estate broker's fee, $7,950 architect's fee, and $13,950 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land. Cost of land $