Bono Company recently incurred the following costs: 1. Purchase price of land and dilapidated building $350,000 2. Real estate broker's commission 14,000 3. Demolition costs of dilapidated building 39,000 4. Sale of materials of demolished building 24,000 5. Architect's fees and building permits 30,000 6. Costs associated with new building construction 950,000 7. Costs associated with heating and cooling systems for new building 250,000 8. Costs of Real Estate Taxes for the first year after Completion 75,000 9. Costs of walks, driveways, and parking lot 55,000 The building should be recorded on Bono's books at $1,230,000 $1,305,000 $1,360,000 $1,055,000