On March 1, 2022, Pina Colada Corp. acquired real estate, on which it planned to construct a small office building, by paying $81,500 in cash. An old warehouse on the property was demolished at a cost of $9,000; the salvaged materials were sold for $2,800. Additional expenditures before construction began included $1,650 attorney's fee for work concerning the land purchase, $5,300 real estate broker's fee, $7,650 architect's fee, and $13,650 to put in driveways and a parking lot. (a). Determine the amount to be recorded as the cost of the land.

On March 1, 2022, Pina Colada Corp. acquired real estate, on which it planned to construct a small office building, by paying $81,500 in cash. An old warchouse on the property was demolished at a cost of $9,000; the salvaged materials were sold for $2,800. Additional expenditures before construction began included $1,650 attorney's fee for work concerning the land purchase, $5,300 real estate broker's fee, $7,650 architect's fee, and $13,650 to put in driveways and a parking lot. (a) Determine the amount to be recorded as the cost of the land. On March 1, 2022, Pina Colada Corp. acquired real estate, on which it planned to construct a small office building, by paying $81,500 in cash. An old warehouse on the property was demolished at a cost of $9,000; the salvaged materials were sold for $2,800. Additional expenditures before construction began included $1,650 attorney's fee for work concerning the land purchase, $5,300 real estate broker's fee, $7,650 architect's fee, and $13,650 to put in driveways and a parking lot. (a) Determine the amount to be recorded as the cost of the land. Cost of land