On February 1, 2022, Orso Corporation purchased a parcel of land as a factory site for $100,000. After the purchase Ursa demolished an old building on the property and began construction on a new building that was completed on October 2, 2022. Costs incurred during this period are:

Purchase price of land $100,000

Demolition of old building 8,000

Legal fees for land purchase 4,000

Construction costs for new building 650,000

Landscaping 25,000

At what amount should they record the cost of the land?