On December $1,2025,$ Waterway Industries purchased a tract of land as a factory site for

$$755000.$ The old building on the property was razed, and salvaged materials resulting from

demolition were sold. Additional costs incurred and salvage proceeds realized during December

$2025$ were as follows:

Cost to raze old building $$66000$

Legal fees for purchase contract and to record ownership $9600$

Title guarantee insurance $16100$

Proceeds from sale of salvaged materials $6600$

In Waterway's December $31,2025$ balance sheet, what amount should be reported as land