On November 1, Cadault Corporation (a calendar year end business) acquired land for $120,000 to construct a new office building. It paid legal fees paid of $3,500 and assumed delinquent property taxes of $5,000. It also paid $6,400 to remove an old building, and sold the salvaged materials from the demolition of the building for $2,200. Compute the cost of the land to be reported on the balance sheet