Cowboy development incurred the following costs associated with the purchase of a piece of land that it will use to re-build an office building: sale price of the land $400,000 sale of salvaged parts already on land $20,000 demolition of the old building $30,000 ground breaking ceremony (food and supplies) $1,500 land preparation and leveling $7,500what amount should be recorded for the purchase of the land?

The amount should be recorded for the purchase of the land is $417500.

Explanation:

amount of land = sale price of the land - sale of salvaged parts + bemolition of the old buiding + land preparation and leveling

                          = $400000 - $20000 + $30000 + $7500

                          = $417500

Therefore, The amount should be recorded for the purchase of the land is $417500.

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answer; normative economics;