On December 1, 2020, Hogan Co. purchased a tract of land as a factory site for 5780.000. The old building on the property was rared and salvaged materials resulting from demolition were sold. Additional costs incurred and salvage proceeds realized during December 2020 were as follows Cost to raze old building Legal fees for purchase contract and to record ownership Title guarantee insurance Proceeds from sale of salvaged materials $80.000 10,000 16.000 7.000 In Hogan December 31, 2020 balance sheet what amount should be reported as land? nbers: 3,000 not 3000