A company incurred the following costs associated with the purchase of a piece of land that it will use to re-build an office building:

Purchase price of the land	$	406,000
Sale of salvaged parts already on the land	$	26,000
Demolition of the old building	$	36,000
Ground-breaking ceremony (food and supplies)	$	1,800
Land preparation and leveling	$	7,800

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

• $449,800.

• $423,800.

• $451,600.

• $425,600.

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