A company purchased land for $100,000. The site was purchased to build a new factory building. The old building on the property was demolished and construction began on the new building. Costs incurred during the first year are listed as follows: Demolition of old building $8,000 Sale of salvaged materials (2,000) Legal fees (for the title investigation of the land) 1,500 Property taxes on the land for the first year 3,500 Building construction costs 500,000 Interest costs incurred during construction 18,000 Determine the amount that the company should record in the Land Account Numeric Response