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?
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