Bordewick, Inc. purchased land and incurred the following costs: Purchase price $500,000, Clearing and grading costs $50,000, Demolition costs on old building $12,500, Broker fees to execute purchase $10,000, Cost of a new parking lot $25,000. What is the cost recorded for the Land account? A. $550,000 B. $597,500 C. $572,500 O D. $562,500