Company B purchased a piece of land for $300,000 on January 1, 2022. The company incurred additional costs of $20,000 for legal fees and other expenses associated with the purchase. On January 1, 2023, the company paid $50,000 to demolish an old building on the land. The company plans to build a new office building on the land, with an estimated construction cost of $1,500,000. The company estimates that the building will have a useful life of 40 years and no salvage value. The company uses the straight-line method of depreciation. What is the total cost of the office building, including the cost of the land?

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