On March 1, 2022, Sunland 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 \$9,700; the salvaged materials were sold for \$2,600. Additional expenditures before construction began included \$1,550 attorney's fee for work concerning the land purchase, \$5,100 real estate broker's fee, \$7,550 architect's fee, and \$13,550 to put in driveways and a parking lot.
(a)
Determine the amount to be recorded as the cost of the land.
Cost of land \$