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What amount should be reported as land

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Reference no: EM132755532

On December 1, 2019, Dunking 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 2019 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

Problem 1: In Dunking's December 31, 2019 statement of financial position, what amount should be reported as land?

Option 1: €896,000.
Option 2: €888,000.
Option 3: €826,000.
Option 4: €862,000.

Reference no: EM132755532

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