Problem:

On March 1, 2014, Zobrist Company acquired real estate, on which it planned to construct a small office building, by paying $83,310 in cash. An old warehouse on the property was demolished at a cost of $8,910; the salvaged materials were sold for $1,780. Additional expenditures before construction began included $1,200 attorneys fee for work concerning the land purchase, $4,190 real estate brokers fee, $9,320 architects fee, and $14,730 to put in driveways and a parking lot.

Required:

Question: Determine the amount to be reported as the cost of the land.

Note: Be sure to show how you arrived at your answer.