Hello, can somebody please help me with this problem?! On December 1, a tract of land was purchased 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 Record the land purchase and corresponding payable as of December 31, 2010. Here's my solution: Land $800,000 Cost to raze old building 70,000 Legal fees 10,000 Title guarantee insurance 16,000 Less: Proceeds (8,000) Total $888,000 However, I don't know how journalize these. PLEASE HELP ME