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 $630,000 $ 23,000 $ 28,000 $ 2,500 $ 7,000 What amount should be recorded for the purchase of the land? O