QUESTION 25 A company incurred the following costs associated with the purchase of a piece of land that it will use to re-build an office building: Purchase price of the land $ 400,000 Sale of salvaged parts already on the land 20,000 Demolition of the old building 30,000 Ground-breaking ceremony (food and supplies) 1,500 Land preparation and leveling 7,500 What amount should be recorded for the purchase of the land? A. $437,500. B. $417,500 C. $439,000 D. $419,000. E. None of the above