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Question - On March 1, 2022, Cheyenne Corp. acquired real estate, on which it planned to construct a small office building, by paying $83,500 in cash. An old warehouse on the property was demolished at a cost of $8,800; the salvaged materials were sold for $3,200. Additional expenditures before construction began included $1,850 attorney's fee for work concerning the land purchase, $5,700 real estate broker's fee, $7,850 architect's fee, and $13,850 to put in driveways and a parking lot. Determine the amount to be reported as the cost of the land.
on the basis of the following data for seller co. for 2008 and the preceding year ended december 31 2007 preparenbspa
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