An entity purchased a parcel of land for $538962 for the purpose of building a factory. The land contained a shed that needed to be demolished. The demolition costs were $18288, but $6653 was salvaged by selling the materials recovered from the demolished shed. Closing costs of $29654 included legal and brokerage fees. At what amount should the cost of the land be recorded in the books of the entity?

Select one:

a. $538962

b. $586904

c. $568616

d. $580251