QUESTION 10 On December 1, 2020, Hogan Co. purchased a tract of land as a factory site for $780,000. 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 2020 were as follows Cost to raze old building $ 80.000 Legal fees for purchase contract and to record ownership Title guarantee insurance 16.000 Proceeds from sale of salvaged materials 7.000 10.000 In Hogan's December 31, 2020 balance sheet what amount should be reported as land? Note: Do not use a s. Use commas in numbers: 3,000 not 3000. QUESTION 11 Which of the following is not a capital expenditure? A. Repairs that maintain an asset in operating condition B. An addition C. A betterment D. A replacement