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$10,000$

Title guarantee insurance$16,000$

Proceeds from sale of salvaged materials$8,000$

In Hogan$$s December $31,2025$ balance sheet, what amount should be reported as land?

Question $11$ options:

a$)$

$$842,000.$

b$)$

$$806,000.$

c$)$

$$868,000.$

d$)$

$$876,000$