1. Becker Inc. bought real estate, on which there was an usedoffice building, for $500,000. Part of the purchase was paid in cash for $50,000 and the remainder was by signing a 30-year mortgage for. It immediately had the old building razed at a net cost of $35,000. Attorneys were paid $6,000 in connection with the land purchase and an additional $3,000 in connection with permits and zoning variances necessary for Patton's new office building. $20,000 was paid for excavation for the basement of the new building. $1,500,000 was paid for construction of the new building, and $75,000 was paid for a parking lot and necessary walkways and driveways. Based on the above information, Becker should record Land at a cost of $ (3 points).