8. Maxwell Co. incurred the following costs associated with the purchase of a piece of land that it will use to re-build a building:

Purchase price of the land	$	400,000
Sale of salvaged parts already on the land	$	20,000
Demolition of the old building	$	30,000
Ground-breaking ceremony (food and supplies)	$	1,500
Land preparation and leveling	$	7,500
Settlement of prior years tax lien	$	5,000

What amount should be recorded for the purchase of the land?

A) $422,500

B) $417,500.

C) $462,500

D) $424,000.