The Ace Company purchased some land as a new factory site. They spent $300,000 on the land. In addition, they paid $20,000 for taxes, $12,000 of which were taxes from previous years and $8,000 for the upcoming year. They spent $30,000 leveling the land and then began construction of the new building. The land after these transactions should have a balance of:

A. $$350,000

B. $342,000

C. $312,000

D. Some other amount.