Consider the following information relating to the construction and subsequent use of a new corporate headquarters building.

Construction costs $950,000

Overhead incurred during construction $45,000

Excavation costs $79,000

Removal of existing building, previously used $110,000

The building was completed and ready for use on September 1; during the three months subsequent to that date, $15,000 was paid as salaries to building staff. The cost of the new building for accounting purposes is?