Joy's House of Cheese (stocks Cougar Cheese) purchases a tract of land and an existing building for $920,000. The company plans to remove the old building and construct a new building on the site in a few months. In addition to the purchase price. Joy's pays closing costs, including title insurance of $2,200. The company also pays $12.400 in property taxes, which includes $8,200 of back taxes (unpaid taxes from previous years) paid by Joy's on behalf of the seller and $4,200 due for the current fiscal year after the purchase date. Shortly after closing the company pays a contractor $46,000 to tear down the old building and remove it from the site. Joy is able to sell salvaged materials from the old building for $3,400 and pays an additional $10.200 to level the land to make it ready for use Required: Determine the amount Joy's should record as the cost of the land. (Amounts to be deducted should be indicated by a minus sign.) 14 Total cost of the land $ 0 At the end of the year, a company's balance of Allowance for Uncollectible Accounts is $1,700 (credit before adjustment. The company estimates future uncollectible accounts to be $8,500. What adjustment would the company record for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjusting entry for Allowance for Uncollectible Accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit 1