On March 1, 2022, Sheridan Company acquired real estate, on which it planned to construct a small office building, by paying $78,000 in cash. An old warehouse on the property was demolished at a cost of $7,800; the salvaged materials were sold for $1,620. Additional expenditures before construction began included $1,120 attorney's fee for work concerning the land purchase, $4,300 real estate broker's fee, $8,620 architect's fee, and $13,600 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land. Cost of land $

On March 1,2022, Sheridan Company acquired real estate, on which it planned to construct a small office building, by paying $78,000 in cash. An old warehouse on the property was demolished at a cost of $7,800; the salvaged materials were sold for $1,620. Additional expenditures before construction began included $1,120 attorney's fee for work concerning the land purchase, $4,300 real estate broker's fee, $8,620 architect's fee, and $13,600 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land. Cost of land