On February 1, 2017, Apple Corporation purchased a parcel of land as a factory site for $300,000. An old building on the property was demolished, and construction began on a new building which was completed on November 1, 2017. Costs incurred during this period are listed below:

Demolition of old building $ 30,000

Architect's fees 35,000

Legal fees for title investigation and purchase contract 10,000

Construction costs 1,390,000

Salvaged materials resulting from demolition were sold for $ 5,000

Apple should record the cost of the land as

Group of answer choices

$335,000

$340,000

$345,000

$330,000