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Dorsey Co. has expanded its operations by purchasing a parcel of land with a building on it from Bibb Co. for $93,000. The appraised value of the land is $24,000, and the appraised value of the building is $101,000.

Assuming that the building is demolished at a cost of $11,000 so the land can be used for employee parking, what cost should Dorsey Co. record for the land?