McCoy's Fish House purchases a tract of land and an existing building for $$1,000,000.$ The company plans to remove the old building and construct a new restaurant on the site. In addition to the purchase price, McCoy pays closing costs, including title insurance of $$3,000.$ The company also pays $$14,000$ in property taxes, which includes $$9,000$ of back taxes $($unpaid taxes from previous years$)$ paid by McCoy on behalf of the seller and $$5,000$ due for the current fiscal year after the purchase date. Shortly after closing, the company pays a contractor $$50,000$ to tear down the old building and remove it from the site. McCoy is able to sell salvaged materials from the old building for $$5,000$ and pays an additional $$11,000$ 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.$)$

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