On feb 12, Laker Company purchased a tract of land as factory site for $175,000. An existing building on the property was razed and construction was begun on a new factory building in March of the same year. Additional data are available as follows: Cost of razing old building $35,000 Title insurance and legal fees to purchase land $ 12,500 Architects fees $42,500 New building cost $875,000 The recorded cost of the completed factory building should be a) 910,000 b) 917,500 c) 930,000 d) 952, 500 Please show all work why the chosen answer is correct