Anderson's Fish House purchases a tract of land and an existing building for $850,000. The company plans to remove the old building and construct a new restaurant on the site. In addition to the purchase price, Anderson pays closing costs, including title insurance of $1,500. The company also pays $11,000 in property taxes, which includes $7,500 of back taxes (unpaid taxes from previous years) paid by Anderson on behalf of the seller and $3,500 due for the current fiscal year after the purchase date. Shortly after closing, the company pays a contractor $42,500 to tear down the old building and remove it from the site. Anderson is able to sell salvaged materials from the old building for $6,200 and pays an additional $11,600 to level the land. 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.)