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 $424,000 Sale of salvaged parts already on the land $ 44,000 Demolition of the old building $ 54,000 Ground-breaking ceremony (food and $ supplies) 2,700 Land preparation and leveling $ 8,700 What amount should be recorded for the purchase of the land?