Cowboy Development incurred the following costs associated with the purchase of a piece of land that it will use to re-build an office building:
Sale price of the land..............................................................$500,000
Sale of salvaged parts already on land...........................................$23,000
Demolition of the old building....................................................$38,000
Ground breaking ceremony (food and supplies) ................................ $2,200
Land preparation and leveling......................................................$7,100
What amount should be recorded for the purchase of the land?
a) $545,100
b) $547,300
c) $522,100
d) $524,300