On December 1, 2019, Aidan Co. purchased a tract of land as a factory site for $780,000. 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 2019 were as follows: Cost to remove old building $70,000 Legal fees for purchases contract and to record 10,000 ownership Title guarantee insurance Proceeds from sale of salvaged materials 16,000 10,000 In Aidan Co.'s December 31, 2019 balance sheet, what amount should be reported as land? $866,000. $806,000.