On December 1, 2025, Marigold Corp. purchased a tract of land as a factory site for $775000. 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 2025 were as follows: Cost to raze old building $70000 Legal fees for purchase contract and to record ownership 10000 Title guarantee insurance 16500 Proceeds from sale of salvaged materials 7000 In Marigold's December 31, 2025 balance sheet, what amount should be reported as land?