Financial Reporting

22. Lina Co. acquired a piece of land for a new factory by paying $100,000. Lina demolished the old building at a cost of $10,000, and sold scrapped material salvaged from the old building for $3,000. Lina paid an architect $5,000, and the title insurance upon acquisition of the land was $1,000. The construction period interest was $8,000, and the contractor received $200,000 for the building. The cost of the land recorded by Lina Co. is (1 Point) O $97,000 O $110,000 O $111,000 O $108,000 L