Exercise 7-1 (Algo) Record purchase of land (LO7-1) Mateland's Fish House purchases a tract of land and an existing building for $890,000. The company plans to remove the old buliding 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.)