On December 1, 2014, Hogan Co. purchased a tract of land as a factory site for $750,000. 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 2014 were as follows: In Hogan 's December 31, 2014 balance sheet, what amount should be reported as land?

Question

On December 1, 2014, Hogan Co. purchased a tract of land as a factory site for $750,000. 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 2014 were as follows:  In Hogan 's December 31, 2014 balance sheet, what amount should be reported as land?

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The Answer of On December 1, 2014, Hogan Co. purchased a tract of land as a factory site for $750,000. 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 2014 were as follows:  In Hogan 's December 31, 2014 balance sheet, what amount should be reported as land?