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.
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