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Question Completion Status: QUESTION 2 On December 1, 2017 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 demolition were sold Additional costs incurred and salvage proceeds realized during December 2017 were as follows: Cost to raze old building $70,000 Legal fees for purchase contract and to record ownership 10,000 Title quaranto insurance 15,000 Proceeds from the sale of salvaged materials 8,000 In Hogan's December 31, 2017 balance sheet, what amount should be reported as land? $806,000 $867,000 $842.000 $876,000 QUESTION 3 Which of the following costs are capitalized for sell.constructed assets Materials and labor only Labor and overhead only Materials and overhead only Materials, labor, and overhead Click Save and Submit to see and w rit. Click Save All Answers to all ans . Save Answer e to search