Based on the following data, determine the cost of the land to be reported on the balance sheet.

Land purchase price

$$178,000$

Broker's commission

Payment for demolition and removal of existing building

Cash received from sale of materials salvaged from demolished building

$15,000$

$5,000$

$2,000$

$$178,000$

$$180,000$

$$193,000$

$$196,000$