On march 1, 2017, sandhill co. acquired real estate, on which it planned to construct a small office building, by paying $79,500 in cash. an old warehouse on the property was demolished at a cost of $8,100; the salvaged materials were sold for $1,680. additional expenditures before construction began included $1,180 attorney’s fee for work concerning the land purchase, $4,450 real estate broker’s fee, $8,680 architect’s fee, and $13,900 to put in driveways and a parking lot. determine the amount to be reported as the cost of the land.