McCoy'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, McCoy 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 McCoy 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. McCoy 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 McCoy's Fish House should record as the cost of the land. (Amounts to be deducted should be indicated by a minus sign.) [Hint: notice that the taxes paid relate to different years, the previous year and the current year.] Total cost of the land