Problem:
A company acquired some land for $75,000 to construct a new office complex. Legal fees paid were $2,750, delinquent taxes assumed were $3,250, and $6,350 was paid to remove an old building. Materials salvaged from the demolition of the building were sold for $2,300.
Required:
Question: Determine the cost of the land to be reported on the balance sheet.
Note: Please provide full description.