Current Attempt in Progress

Sheridan Chrome Bumpers bought two acres of land with an old office building on it that was deemed unusable. The cost was $$547,200$ of which Sheridan Chrome paid $$91,200$ in cash as a down payment and signed a $7\%$ mortgage for the remainder. Sheridan Chrome immediately had the old building razed at a total cost of $$9,850$ and sold the salvaged materials for $$2,440.$ Attorneys were paid $$1,220$ in connection with the purchase. The architect's fee for drawing building plans for the new building cost $$7,820.$ Sheridan Chrome paid $$3,500$ in connection with permits and zoning variances necessary prior to construction of the new building. Sheridan Chrome paid the contractor $$1,618,800$ for construction of the new building, along with $$47,880$ for a parking lot and necessary walkways and driveways.

Answer the following question.

$($a$)$

Your answer is incorrect.

At what amount should the land be recorded?

Land be recorded

$

eTextbook and Media

Attempts: $1$ of $3$ used