Fresh Veggies, Inc. (FVI) purchases land and a warehouse for $600,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition broker's commission, $40,000; title insurance, $3,000; and miscellaneous closing costs, $8,000. The warehouse is immediately demolished at a cost of $40,000 in anticipation of building a new warehouse. Determine the amount FVI should record as the cost of the land