On March 1, 2022, Metlock, Inc. acquired real estate, on which it planned to construct a small office building, by paying $79,000 in cash. An old warehouse on the property was demolished at a cost of $11,000; the salvaged materials were sold for $2,300. Additional expenditures before construction began included $1,400 attorneys fee for work concerning the land purchase, $4,800 real estate brokers fee, $7,400 architects fee, and $13,400 to put in driveways and a parking lot.

On March 1, 2022, Metlock, Inc. acquired real estate, on which it planned to construct a small office building, by paying $79,000 in cash. An old warehouse on the property was demolished at a cost of $11,000; the salvaged materials were sold for $2,300. Additional expenditures before construction began included $1,400 attorney's fee for work concerning the land purchase, $4,800 real estate broker's fee, $7,400 architect's fee, and $13,400 to put in driveways and a parking lot. (a) Determine the amount to be recorded as the cost of the land. Cost of land tA $