A corporation purchased land, a building, and equipment for a total cost of $450,000. Fair market values based on an appraisal were determined to be $120,000 for the land, $280,000 for the building, and $80,000 for the equipment. After the group purchase, the company renovated the building at a cost of $12,000. At what amount should the building be recorded? O $298,667 O $292,000 O $274,500 O $262,500 O $310,667