Cost incurred and salvage proceedings

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Reference no: EM13134441

On december 1, 2010, Hogan company purchased a tract of land as a factory site for 800,000. The old building on the property was razed, amd salvaged materials resulting from demolition were sold. Additional cost incurred and salvage proceeds realized during december 2010 were as follows:

cost to raze old building 70,000
legal fees for purchase contract and to record ownership 10,000
title guarentee insurance 16,000
proceeds from sale of salvaged materials 8,000

In hogan's december 31,2010 balance sheet, what amount should be recorded as land?

Reference no: EM13134441

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