On December 1, 2017, Concord Corporation purchased a tract of land as a factory site for $780000. 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 2017 were as follows Cost to raze old building Legal fees for purchase contract and to record ownership 10100 Title guarantee insurance Proceeds from sale of salvaged materials $71000 16600 7100 In Concord's December 31, 2017 balance sheet, what amount should be reported as land? $ 870600. $ 877700 $806700. $843900