Cowboy development incurred the following costs associated with the purchase of a piece of land that it will use to re-build an office building: sale price of the land $400,000 sale of salvaged parts already on land $20,000 demolition of the old building $30,000 ground breaking ceremony (food and supplies) $1,500 land preparation and leveling $7,500what amount should be recorded for the purchase of the land?
$437,500.
$417,500.
$439,000.
$419,000.