A company purchased land for $78,000 cash. Commissions of $6,000, property taxes of $6,500, and title insurance of $1,400 were also incurred. The $6,500 in property taxes includes $4,600 in back taxes paid by the company on behalf of the seller and $1,900 due for the current year after the purchase date. For what amount should the company record the land?

Multiple Choice

$88,600.

$90,000.

$91,900.

$78,000.