On December 1, 2020, Sunland Company purchased a tract of land as a factory site for $800000. 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 2020 were as follows: $75000 10500 Cost to raze old building Legal fees for purchase contract and to record ownership Title guarantee insurance Proceeds from sale of salvaged materials 17000 7500 In Sunland's December 31, 2020 balance sheet, what amount should be reported as land? $895000. $827500 $902500. $867500