Soccer Wholesale purchased land and a warehouse for one price of $760,000. In addition to the purchase price, Soccer Wholesale makes the following expenditures related to the acquisition: commission to sales agent, $43,000; title insurance, $3,200; and miscellaneous closing costs, $6,900. The warehouse is immediately demolished at a cost of $85,900 in anticipation of building a new warehouse. Required: Determine the amount Soccer Wholesale should report as the cost of the land. Cost of the land