An entity purchased attract of land as an investment property. The entity razed an old building on the property. Purchase price of land and an old building 4,000,000 Fair value of old building 300,000 Demolition of old building 200,000 Proceeds from sale of salvaged materials 20,000 Legal fees for purchase contract and recording 150,000 ownership Title guarantee insurance 50,000 Payment of property taxes in arrears on land 100,000 Option paid for an alternative land not acquired 30,000 Special assessments for city improvements 120,000