During 2014 Slip Slippy had the following transactions pertaining to its new office equipment:- purchased price of land $50,000, insurance 5% of purchased price, Duty and Stamp, 20% of cost of purchased price and insurance, legal fees for contracts to purchase equipment $3,000, architects fees for design of new office for equipment $10,000, demolition of the old office building on site $7,000, sale of scrap from old office building $5,000, construction cost of new office building $2250,000. What amount should reflect the cost of equipment and office building on the balance sheet?