View Policies (a) 14 Determine the amount to be reported as the cost of the land. Cost of land -/1 Current Attempt in Progress On March 1, 2022, Pharoah Company acquired real estate, on which it planned to construct a small office building, by paying $87,000 in cash. An old warehouse on the property was demolished at a cost of $8,900; the salvaged materials were sold for $3,900. Additional expenditures before construction began included $2,200 attorney's fee for work concerning the land purchase, $5,400 real estate broker's fee, $8,200 architect's fee, and $14,200 to put in driveways and a parking lot. !!! ***

On March 1, 2022, Pharoah Company acquired real estate, on which it planned to construct a small office building, by paying $87,000 in cash. An old warehouse on the property was demolished at a cost of $8,900; the salvaged materials were sold for $3,900. Additional expenditures before construction began included $2,200 attorney's fee for work concerning the land purchase, $5,400 real estate broker's fee, $8,200 architect's fee, and $14,200 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land. Cost of land