Hoot Enterprises buys a warehouse for $540,000 to use for its East Coast distribution operations. On the date of the purchase, a professional appraisal shows a value of $590,000 for the warehouse. The seller had originally purchased the building for $510,000. Hoot has a similar warehouse on the West Coast that has a book value of $551,000. Under the historical cost principle, Hoot should record the building for OA. $551,000. B. $590,000. OC. $540,000. O D. $510,000