1. loom enterprises buys a warehouse for $580,000 to use for its East Coast distribution operations. On the date of the purchase, a professional appraisal shows a value of $630,000 for the warehouse. The seller had originally purchased the building for $525,000. Loom has a similar warehouse on the West Coast that has a book value of $594,000. Under the historical cost principle, Loom should record the building for?

A. $580,000

B. $630,000

C. $594,000

D. $525,000