Drake Company purchased a building by paying $90,500 cash on the purchase date and pay $50,100 at the end of each of the next at 8 years. Drake also has a final payment of $100,500 that is to be made at the end of the 10th year. Drake's incremental borrowing rate is 8%.

How much should Drake report as the purchase price of the building as of the purchase date (choose the answer closest to the number you calculate)?