Sheridan Chrome Bumpers bought two acres of land with an old office building on it that was deemed unusable. The cost was $441,600 of which Sheridan Chrome paid $73,600 in cash as a down payment and signed a 7% mortgage for the remainder. Sheridan Chrome immediately had the old building razed at a total cost of $7,980 and sold the salvaged materials for $2,000. Attorneys were paid $1,000 in connection with the purchase. The architect's fee for drawing building plans for the new building cost $6,280. Sheridan Chrome paid $2,840 in connection with permits and zoning variances necessary prior to construction of the new building. Sheridan Chrome paid the contractor $1,306,400 for construction of the new building, along with $38,640 for a parking lot and necessary walkways and driveways. Answer the following question. At what amount should the new office building be recorded? New office building be recorded