Exercise $7-1($Algo$)$ Record purchase of land $($LO$7-1)$

Mateland's Fish House purchases a tract of land and an existing building for $$890,000.$ The company plans to remove the old building and construct a new restaurant on the site. In addition to the purchase price, Mateland pays closing costs, including title insurance of $$1,900.$ The company also pays $$11,800$ in property taxes, which includes $$7,900$ of back taxes $($unpaid taxes from previous years$)$ paid by Mateland on behalf of the seller and $$3,900$ due for the current fiscal year after the purchase date. Shortly after closing, the company pays a contractor $$44,500$ to tear down the old building and remove it from the site. Mateland is able to sell salvaged materials from the old building for $$7,000$ and pays an additional $$12,000$ to level the land.

Required:

Determine the amount Mateland's Fish House should record as the cost of the land. $($Amounts to be deducted should be indicated by a minus sign.$)$