On December 1, 2010, Hogan 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 2010 were as follows: Cost to raze old building $70,000; Legal fees for purchase contract and to record ownership $10,000; Title guarantee insurance $16,000; Proceeds from sale of salvaged materials $8,000. On Hogan's December 31, 2010 balance sheet, what amount should be reported as land?