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 $ 620,000
Sale of salvaged parts already on land $ 20,000
Demolition of the old building $ 20,000
Ground-breaking ceremony (food and supplies) $ 2,800
Land preparation and leveling $ 7,000


What amount should be recorded for the purchase of the land?

Multiple Choice

$647,000.

$627,000.

$649,800.

$629,800.