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 Ground-breaking ceremony (food and supplies) Land preparation and leveling $520,000 $ 21,000 $ 26,000 $ 2,200 $ 7,400 What amount should be recorded for the purchase of the land? Multiple Choice $555,600 $534,600. $553,400 $532.400