1 01016 Sonar Electronics just purchased a piece of land that has an old building on it. The company is going to tear down the current building and build a shiny new building for their executives. Given the following amounts, what amount should they record for the purchase of the land? Purchase price of the land Sale of salvaged parts already on land Demolition of the old building Ground-breaking ceremony (food and supplies) Land preparation and leveling $ 400,000 20,000 30,000 1,500 7,500 bed