On December 1, 2007, Logan Co In Logan 'S December 31, 2007 Balance Sheet, What Amount

Multiple Choice

On December 1, 2007, Logan Co.purchased a tract of land as a factory site for $800,000.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 2007 were as follows: $\begin{array}{lr}\text { Cost to raze old building } & \$ 70,000 \\\text { Legal fees for purchase contract and to record ownership } & 10,000 \\\text { Title guarantee insurance } & 16,000 \\\text { Proceeds from sale of salvaged materials } & 8,000\end{array}$ In Logan 's December 31, 2007 balance sheet, what amount should be reported as land?

A) $826,000.
B) $862,000.
C) $888,000.
D) $896,000.