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Business, 04.04.2020 12:45 u8p4

On March 1, 2022, Sandhill Co. acquired real estate, on which it planned to construct a small office building, by paying $85,000 in cash. An old warehouse on the property was demolished at a cost of $9,200; the salvaged materials were sold for $1,900. Additional expenditures before construction began included $1,400 attorney’s fee for work concerning the land purchase, $5,000 real estate broker’s fee, $8,900 architect’s fee, and $15,000 to put in driveways and a parking lot.

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

Cost of land
$Enter a dollar amount

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On March 1, 2022, Sandhill Co. acquired real estate, on which it planned to construct a small office...
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