On December 1, 2019, Logan Co. purchased a tract of land as a factory site for $800,000. 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 raze old building $70,000

Legal fees for purchase contract and to record ownership 10,000

Title guarantee insurance 16,000

Proceeds from sale of salvaged materials 8,000

2- In Logan 's December 31, 2019 balance sheet, what amount should be reported as land?

A. $826,000.

B. $862,000.

C. $888,000.

D. $896,000.