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 $420,000 Sale of salvaged parts already on the land $ 40,000 Demolition of the old building $ 50,000 Ground-breaking ceremony (food and $ 2,500 supplies) Land preparation and leveling $ 8,500 What amount should be recorded for the purchase of the land