Anderson's Fish House purchases a tract of land and an existing building for $960,000. The company plans to remove the old buliding and construct a new restaurant on the site. In addition to the purchase price, Anderson pays closing costs, including titie insurance of $2,600. The company also pays $13,200 in property taxes, which includes $8,600 of back taxes (unpaid taxes from previous years) paid by Anderson on behalf of the seller and $4,600 due for the curtent fiscal year after the purchase date. Shortly after ciosing, the company pays a contractor $48,000 to tear down the old bullding and remove it from the site. Anderson is able to sell salvaged materials from the old building for $4,200 and pays an additional $10,600 to level the fand. Required: Determine the amount Anderson's Fish House should record as the cost of the land. (Amounts to be deducted should be indicated by a minus sign.)