McCoy's Fish House purchases a tract of land and existing building for $860,000. 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, 600. The company also pays $11, 200 in property taxes, which includes $7, 600 of back taxes (unpaid taxes from previous years) paid by McCoy on behalf of the seller $3, 600 due for the current fiscal year after the purchase date. Shortly after closing, the company pays a contractor $43,000 to tear down the old building and remove it from the site. McCoy is able to sell salvaged materials from the old building for $6, 400 and pays an additional $11.700 to level the land. Required: Show all computations. Determine the amount McCoy's Fish House should record as the cost of the land. Great Harvest Bakery purchased bread ovens from New Morning