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On March 1, 2022, Sheridan Corporation acquired real estate, on which it planned to construct a small office building, by paying $91,200 in cash. An
On March 1, 2022, Sheridan Corporation acquired real estate, on which it planned to construct a small office building, by paying $91,200 in cash. An old warehouse on the property was demolished at a cost of $9,280; the salvaged materials were sold for $1,870. Additional expenditures before construction began included a $1,710 legal fee for work concerning the land purchase, a $10,340 architects fee, and $15,960 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land.
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