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	$ 402,000
Sale of salvaged parts already on the land	$ 22,000
Demolition of the old building	$ 32,000
Ground-breaking ceremony (food and supplies)	$ 1,600
Land preparation and leveling	$ 7,600

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