On March 1, 2022,Crane Companyacquired real estate, on which it planned to construct a small office building, by paying $75,500in cash. An old warehouse on the property was demolished at a cost of $7,300; the salvaged materials were sold for $1,520. Additional expenditures before construction began included $1,020attorney's fee for work concerning the land purchase, $4,050real estate broker's fee, $8,520architect's fee, and $13,100to put in driveways and a parking lot.

(a)Determine the amount to be reported as the cost of the land.

Cost of land$

Enter a dollar amount