5. On December 1, 2014, Hogan Co. purchased a tract of land as a factory...
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5. 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 demolished, and salvaged materials resulting from demolition were sold.
Additional costs incurred and salvage proceeds realized during December 2014 were as follows:
| Cost to demolish 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 |
In Hogan 's December 31, 2014 balance sheet, what amount should be reported as land?
A. $776,000 B. $812,000 C. $838,000 D. $846,000
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