steel city company (scc) paid $120,000 to purchase land that it planned to use as a future building site. a short time later the company was approached with an opportunity to purchase a better property. the new property cost $125,000. after considering the alternative scc decided to reject the offer because the company would be required to sell the original site for $119,000 thereby incurring a $1,000 loss on the disposal of the land ($120,000 − $119,000). based on this information