On July 1,2023, BBB Corporation acquired land with an abandoned warehouse on it by (1) paying $100,000 in cash and (2) issuing 20,000 shares of its preferred capital stock to the seller. The preferred stock had a par value of $6 per share and a fair value of $4 per share. BBB also paid legal fees and commissions related to the transaction of $30,000. In July, BBB had the warehouse torn down at aost of $10,000. Also in July, BBB received an offer for the property from a housing developer for $240,000. The market value of the property at the date of purchase was $290,000. BBB's ultimate cost basis for the property would be: A) $220,000 B) $240,000 C) $260,000 D) $290,000 E) None of the above