An entity purchased a parcel of land for $540337 for the purpose of building a factory. The land contained a shed that needed to be demolished. The demolition costs were $17074, but $8233 was salvaged by selling the materials recovered from the demolished shed. Closing costs of $22071 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. $579482

b. $540337

c. $571249

d. $562408