On March 1, 2017, Ivanhoe Company acquired real estate, on which it planned to construct a small office building, by paying $76,500 in cash.

On March 1, 2017, Ivanhoe Company acquired real estate, on which it planned to construct a small office building, by paying $76,500 in cash. An old warehouse on the property was demolished at a cost of $7,500; the salvaged materials were sold for $1,560. Additional expenditures before construction began included $1,060 attorney’s fee for work concerning the land purchase, $4,150 real estate broker’s fee, $8,560 architect’s fee, and $13,300 to put in driveways and a parking lot.

(a) Determine the amount to be reported as the cost of the land.