Waterway Industries purchased land as a factory site for $1315000. Waterway paid $117000 to tear down two buildings on the land. Salvage was sold for $8400. Legal fees of $5480 were paid for title investigation and making the purchase. Architect's fees were $47000. Title insurance cost $3700, and liability insurance during construction cost $4000. Excavation cost $15800. The contractor was paid $4200000. An assessment made by the city for pavement was $9800. Interest costs during construction were $252000. The cost of the building that should be recorded by Waterway Industries is