A company incurred the following costs: - Purchased land, including an old building on the lot, for $500,000. The old building will be torn down, and a new manufacturing plant will be erected in its place. - Closing costs associated with the purchase of the land, $12,000. - The company paid $5,000 to tear down and remove the old building. - Paid $10,000 to create a parking lot that will be adjacent to the new building. - Paid $25,000 to excavate the land for the foundation of the new building. What is the acquisition cost for the land? $517,000$500,000$517,000$541,000