What is the initial value of land?
Extracted text: Early in its fiscal year ending December 31, 2018, San Antonio Outfitters finalized plans to expand operations. The first stage was completed on March 28 with the purchase of a tract of land on the outskirts of the city. The land and existing building were purchased for $880,000. San Antonio paid $240,000 and signed a noninterest-bearing note requiring the company to pay the remaining $640,000 on March 28, 202O. An interest rate of 10% properly reflects the time value of money for this type of loan agreement. Title search, insurance, and other closing costs totaling $24,000 were paid at closing. During April, the old building was demolished at a cost of $74,000, and an additional $54,000 was paid to clear and grade the land. Construction of a new building began on May 1 and was completed on October 29. Construction expenditures were as follows: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) May 1 July 30 September 1 October 1 $1,800,000 1,700,000 1,140,000 2,040,000 San Antonio borrowed $3,600,000 at 10% on May 1 to help finance construction. This loan, plus interest, will be paid in 2019. The company also had the following debt outstanding throughout 2018: $2,400,000, 10% long-term note payable $4,400,000, 7% long-term bonds payable