A Moving to another question will save this response. Question 22 On 1/1 a business purchased land to build a new factory The old building on the property was demolished Additional Costs related to the purchase Land Cost Cost to raze (remove) old building Legal fees for purchase contract and to record ownership Title guarantee insurance Proceeds from sale of salvaged materials They should debit the asset Land for A different amount $835.000 $883,000 $800,000 $895,000 $800,000 $60,000 $20,000 $15,000 $12,000