21. The company purchased land with old building to develop and build a new building. The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses.

Money borrowed to pay building contractor (signed a note)	(12,000,000)
Payment for construction from note proceeds	12,000,000
Cost of land fill and clearing	500,000
Delinquent real estate taxes on land assumed by purchaser	700,000
Architects fee on building	600,000
Cost of land purchased as a plant site	15,000,000
Commission fee paid to land real estate agency	750,000
Installation of temporary fences around building while construction is on going	80,000
Cost of razing and removing building	500,000
Proceeds from salvage of demolished building	(250,000)
Cost of parking lots and driveways	850,000
Cost of trees and shrubbery planted (permanent in nature)	250,000
Excavation costs for new building	3,500,000

What is the cost of New Building?

a. 4,430,000

b. 16,350,000

c. 16,930,000

d. 16,430,000