URGENT!! On December 1, 2020, Marigold Corp. purchased a tract of land as a factory site for $775000. 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		$70000
Legal fees for purchase contract and to record ownership		10000
Title guarantee insurance		16500
Proceeds from sale of salvaged materials		7000

In Marigold's December 31, 2020 balance sheet, what amount should be reported as land?