On July 1, 2005, Woody Co. purchased for $500,000 5 acres of land for a store and parking lot. Woody removed an old building on the land and sold the scrap material. Woody s cost incurred during 2005 on the project and the salvage proceeds were:Demolition of old building:$75,000,Legal fees for the purchase:20,000,Title insurance:2,000,Proceeds from sale of salvaged materials:18,000.On its December 31, 2005 balance sheet, what Doyle should report a balance in the Land account of?