On December 1, 2014, Hogan Co. purchased a tract of land as a factory site for $750,000. 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 2014 were as follows: Cost to raze old building $70,000 Legal fees for purchase contract and to record ownership 10,000 Title guarantee insurance for land (one time fee) 16,000 Proceeds from sale of salvaged materials 8,000 InHogan's December 31, 2014 balance sheet, what amount should be reported as land