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 $ 416,000 Sale of salvaged parts already on the land $ 36,000 Demolition of the old building $ 46,000 Ground-breaking ceremony (food and supplies) $ 2,300 Land preparation and leveling $ 8,300 What amount should be recorded for the purchase of the land