On October 1, 20X1, a company purchased a piece of land by agreeing to pay the seller $450,000 in two years. If the company had borrowed the money from a bank to pay the seller immediately, management estimates the bank would have required interest of 9%.

For what amount should the company record the land on the date of purchase (rounded to the nearest dollar)?

A. $450,000

B. $412,844

C. $378,756

D. $369,000