On March 1, 2022, Wildhorse Co. acquired real estate, on which it planned to construct a small office building, by paying $80,000 in cash. An old warehouse on the property was demolished at a cost of $8,200; the salvaged materials were sold for $1,700. Additional expenditures before construction began included $1,200 attorney’s fee for work concerning the land purchase, $4,500 real estate broker’s fee, $8,700 architect’s fee, and $14,000 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land.

$92,200

Explanation:

The computation of the amount to be reported as the cost of the land is shown below:-

Cash paid for land = $80,000

Net cost of removing warehouse = $8,200 - $1,700

= $6,500

Attorney fee = $1,200

Real estate broker fee = $4,500

Total land cost = Cash paid for land + Net cost of removing warehouse +  Attorney fee + Real estate broker fee

= $80,000  + $6,500  + $1,200  + $4,500

= $92,200

Therefore we will not consider the rest value as its not related to cost of land.

i believe the answer is: streets and roads

public property refers to the property that can be used by all legal citizens in a certain country. the public property was created and maintain using the government budget that allocated specifically for it. the budget itself come from the citizen's income tax payment.