Silvester Inc. had the following costs from the purchase of a piece of land that it will use to build an office building: Sale price of the land $500,000 Sales of salvaged materials on land 20,000 Cost of demolition of old building on land 10,000 Ground breaking ceremony refreshments 1,500 Legal fees to lawyers for the deed 7,500 What amount should Silvester Inc. record the land in their records