A company purchases a tract of land and an existing building for $860,000. The company plans to remove the old building and construct a new restaurant on the site. In addition to the purchase price, the company pays closing costs, including title insurance of $1,600. The company also pays $11,200 in property taxes, which includes $7,600 of back taxes (unpaid taxes from previous years) paid by the company on behalf of the seller and $3,600 due for the current fiscal year after the purchase date. Shortly after closing, the company pays a contractor $43,000 to tear down the old building and remove it from the site. The company is able to sell salvaged materials from the old building for $6,400 and pays an additional $11,700 to level the land. Required: Determine the amount the company's Fish House should record as the cost of the land. (Amounts to be deducted should be indicated by a minus sign.)