Determine the cost of the land
On March 1, 2012, Enrique Company acquired real estate, on which it planned to construct a small office building, by paying $96,177 in cash. An old warehouse on the property was demolished at a cost of $7,986; the salvaged materials were sold for $1,823. Additional expenditures before construction began included $1,114 attorney's fee for work concerning the land purchase, $5,848 real estate broker's fee, $9,719 architect's fee, and $14,305 to put in driveways and a parking lot.
Determine the amount to be reported as the cost of the land.
