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Intermediate Accounting Final $-$ Spring $2...$

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Question $28(\frac{?}{{?}_{?}}$ points$)$

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On December $1,2025,$ Hogan Co$.$ purchased a tract of land as a factory site for $$780,000.$ The old building on the property was razed, and salvaged materials resulting from the demolition were sold. Additional costs incurred and salvage proceeds realized during December $2025$ were as follows:

Cost to raze old building

$$70,000$

Legal fees for purchase contract and to record ownership $10,000$