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April 18, 2014

Homework Help: ACCOUNTING

Posted by Anonymous on Tuesday, March 27, 2012 at 9:47am.

On March 1, 2012, Enrique Company acquired real estate, on which it planned to construct a small office building, by paying $90,504 in cash. An old warehouse on the property was demolished at a cost of $7,646; the salvaged materials were sold for $1,633. Additional expenditures before construction began included $1,267 attorney's fee for work concerning the land purchase, $4,702 real estate broker's fee, $9,525 architect's fee, and $14,146 to put in driveways and a parking lot.

Determine the amount to be reported as the cost of the land.

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