On march 1, 2017, wildhorse co. acquired real estate, on which it planned to construct a small office building, by paying $85,500 in cash. an old warehouse on the property was demolished at a cost of $9,300; the salvaged materials were sold for $1,920. additional expenditures before construction began included $1,420 attorney’s fee for work concerning the land purchase, $5,050 real estate broker’s fee, $8,920 architect’s fee, and $15,100 to put in driveways and a parking lot. (a) determine the amount to be reported as the cost of the land. cost of land $