On march 1, 2017, blossom company acquired real estate, on which it planned to construct a small office building, by paying $80,500 in cash. an old warehouse on the property was demolished at a cost of $8,300; the salvaged materials were sold for $1,720. additional expenditures before construction began included $1,220 attorney's fee for work concerning the land purchase, $4,550 real estate broker's fee, $8,720 architect's fee, and $14,100 to put in driveways and a parking lot. (a) determine the amount to be reported as the cost of the land