On March 1, 2014, Zobrist Company acquired real estate, on which it planned to construct a small office building, by paying $79,340 in cash. An old warehouse on the property was demolished at a cost of $8,250; the salvaged materials were sold for $1,680. Additional expenditures before construction began included $1,630 attorney’s fee for work concerning the land purchase, $5,080 real estate broker’s fee, $9,330 architect’s fee, and $13,850 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land.