On February 1, Fox Corp. purchased an old elementary school in an excellent location for a new theater for $800,000. The elementary school on the property was demolished, and construction began on a new building that was completed on December 30. Costs incurred during this period are listed below:

Demolition of old building $90,000
Architect’s fees for new building $400,000
Legal fees for title investigation of land $ 10,000
Back taxes owed on the property , $30,000
Current property taxes on land $ 15,000

Salvaged material resulting from the demolition of the old building were sold for $18,000.

The initial value recorded for the land once it was ready for its intended use was?

Construction costs $25,000,000
Interest on construction loan $100,000