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 Sale of salvaged parts already on land Demolition of the old building $640,000 $ 23,000 $ 31,000 Ground-breaking ceremony (food and supplies) Land preparation and leveling $ 2,700 $ 8,000 What amount should be recorded for the purchase of the land? Multiple Choice $656,000. $658,700. $681,700. $679,000