On December 1, 2005, East Co. purchas ed a tract of land as a fa ctory site for $300,000. The old building on the property was razed and salvaged materials resul ting from demolition were sold. Additional costs incurred and sal vage proceeds realized during December 2005 were as follows: Cost to raze old building $25,000 Legal fees for purchase contra ct and to record ownership 5,000 Title guarantee insurance 6,000 Proceeds from sale of salvaged materials 4,000 In East's December 31, 2005 Balance Sheet, what amount should b e reported as land?