On December 1, 2010, Hogan Co.purchased a tract of land 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: In Hogan's December 31, 2010 statement of financial position, what amount should be reported as land?

Question

On December 1, 2010, Hogan Co.purchased a tract of land 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:  In Hogan's December 31, 2010 statement of financial position, what amount should be reported as land?

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The Answer of On December 1, 2010, Hogan Co.purchased a tract of land 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:  In Hogan's December 31, 2010 statement of financial position, what amount should be reported as land?