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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

Sale of salvaged parts already on land

Demolition of the old building

Ground$-$breaking ceremony $($food and

supplies$)$

Land preparation and leveling

$$700,000$

$24,000$

$26,000$

$2,300$

$7,600$

What is the total capitalized cost of the land?

Multiple Choice

$$733,600$

$$711,900$

$$709,600$

$$735,900$

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