UIRED: Homework Chapter 7 Long Term Assets McCoy's Fish House purchases a tract of land and an existing building for $980,000. The company plans to remove the old building and construct a new restaurant on the site. In addition to the purchase price. McCoy pays closing costs, including title insurance of $2,800. The company also pays $13.600 in property taxes, which includes $8.800 of back taxes (unpaid taxes from previous years) paid by McCoy on behalf of the seller and $4,800 due for the current fiscal year after the purchase date. Shortly after closing the tractor $49,000 to tear down the old building and remove it from the site. McCoy is able to sell salvaged materials from the old building for $4,600 and pays an additional $10,800 to level the land. Required: Determine the amount McCoy's Fish House should record as the cost of the land. (Amounts to be deducted should be indicated by a ences Total cost of the land