Fresh Veggies, Inc. (FVI), purchases land and a warehouse for $580,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $38,000; title insurance, $2,800; and miscellaneous closing costs, $7,600. The warehouse is immediately demolished at a cost of $38,000 in anticipation of building a new warehouse. Determine the amount FVI should record as the cost of the land. Cost of the land