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McCoy's Fish House purchases a tract of land and an existing building for $920,000. The company plans to remove the old building and construct a new restaurant on the site. In addition to the purchase price, McCoy pays closing costs, including title insurance of $2,200. The company also pays $12,400 in property taxes, which includes $8,200 of back taxes (unpaid taxes from previous years) paid by McCoy on behalf of the seller and $4,200 due for the current fiscal year after the purchase date. Shortly after closing, the company pays a contractor $46,000 to tear down the old building and remove it from the site. McCoy is able to sell salvaged materials from the old building for $3,400 and pays an additional $10,200 to level the land. Required: Determine the amount McCoy's Fish House should record as the cost of the land. (Amounts to be deducted should be indicated by a minus sign.) Total cost of the land McCoy's Fish House purchases a tract of land and an existing building for $920,000. The company plans to remove the old building and construct a new restaurant on the site. In addition to the purchase price, McCoy pays closing costs, including title insurance of $2,200. The company also pays $12,400 in property taxes, which includes $8,200 of back taxes (unpaid taxes from previous years) paid by McCoy on behalf of the seller and $4,200 due for the current fiscal year after the purchase date. Shortly after closing, the company pays a contractor $46,000 to tear down the old building and remove it from the site. McCoy is able to sell salvaged materials from the old building for $3,400 and pays an additional $10,200 to level the land. Required: Determine the amount McCoy's Fish House should record as the cost of the land. (Amounts to be deducted should be indicated by a minus sign.) Cost of removing the building Level the land Property taxes Purchase price of land Orion Flour Mills purchased a new machine and made the following expenditures: $72,000 5,850 970 Purchase price Sales tax Shipment of machine Insurance on the machine for the first year Installation of machine 670 1,940 The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Record the above expenditures for the new machine. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the expenditures for the new machine