On March 1, 2024, Sheridan Corporation acquired real estate, on which it planned to construct a small office building, by paying $70,000 in cash. An old warehouse on the property was demolished at a cost of $7,200; the salvaged materials were sold for $1,500. Additional expenditures before construction began included $1,300 legal fee for work concerning the land purchase, $4,400 land survey fee, $8,000 architect's fee, and $12,300 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land. Cost of the land