Exercise 7-1A Record purchase of land (LO7-1) McCoy's Fish House purchases a tract of land and an existing building for $950,000. The company plans to remove the old bullding and construct a new restaurant on the site. In addition to the purchase price, McCoy pays closing costs, including title insurance of $2,500. The company also pays $13,000 in property taxes, which includes $8,500 of back taxes (unpaid taxes from previous years) paid by McCoy on behalf of the seller and $4,500 due for the current fiscal year after the purchase date. Shortly after closing, the company pays a contractor $47,500 to tear down the old building and remove it from the site. McCoy is able to sell salvaged materials from the old buliding for $4,000 and pays an additional $10,500 to level the land. Required: Determine the amount McCoy's Fish House should record as the cost of the land. (Amounts to be deducted should be indicated by a minus sign.)