On July 1, 2020, ELM Company acquired land and an old building. ELM acquired the land and building by providing 40,000 of its shares that were trading on the Toronto Stock Exchange at price of $13 per share, and by paying off the existing mortgage of $30,000 and back taxes on the old building of $5,000. ELM also paid $20,000 to demolish the old building on the land, $30,000 to an architect to design a new building, and $220,000 to a contractor to build the building. How much should the new building be recorded at in ELM's books?

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