January 2010, Giant Green Company pays $4,000,000 for a tract of land with two buildings on it. It plans to demolish Building 1 and build a new store in its place. Building 2 will be a company office; it is appraised at $842,000, with a useful life of 25 years and a $85,000 salvage value. A lighted parking lot near Building 1 has improvements (Land Improvements 1) valued at $500,500 that are expected to last another 18 years with no salvage value. Without the buildings and improvements, the tract of land is valued at $3,020,600. Giant Green also incurs the following additional costs: Cost to demolish building 1 $500,200 Cost of additional land grading 300,000 Cost of construct new building (building 3), having a useful life of 25 years and a $422,000 salvage value 4,851,000 Cost of new land improvements (land improvements 2) near building 2 having a 20 -year useful life and no salvage value 132,000 What is the amount that should be recorded for Land