Litton Company is constructing a new office building. Costs of the building are as follows:
Wages paid to construction workers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $185,000
Building materials purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 456,000
Interest expense on construction loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,800
Interest expense on mortgage loan during the
first year subsequent to the building’s completion. . . . . . . . . . . . . . . . . . 22,000
Given the above costs, at what amount should the building be recorded in the accounting records?