on march 1, 2022, geoffrey company 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 $8,200; the salvaged materials were sold for $2,200. additional expenditures before construction began included $1,500 attorney's fee for work concerning the land purchase, $5,500 real estate broker's fee, $9,100 architect's fee, and $16,000 to put in driveways and a parking lot.