Werner's Fish House purchases a tract of land and an existing building $$840,000.$ The company plans to remove the old building and construct a new restaurant on the site. In addition to the purchase price, Werner pays closing costs, including title insurance of $$1,400.$ The company also pays $$10,800$ in property taxes, which includes $$7,400$ of back taxes $($unpaid taxes from previous years$)$ paid by Werner on behalf of the seller and $$3,400$ due for the current fiscal year after the purchase date. Shortly after closing, the company pays a contractor $$42,000$ to tear down the old building and remove it from the site. Werner is able to sell salvaged materials from the old building for $$6,000$ and pays an additional $$11,500$ to level the land.

Required:

Determine the amount Werner's Fish House should record as the cost of the land. $($Amounts to be deducted should be indicated by a minus sign.$)$

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