$1.$ 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: $$660,000$

Sale of salvaged parts already on land: $$22,000$

Demolition of the old building: $$31,000$

Ground breaking ceremony $($food and supplies$)$: $$2,700$

Land preparation and leveling: $$7,600$

What amount should be recorded for the purchase of the land?

$$701,300$

$$679,300$

$$676,600$