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 $690,000, sale of salvaged parts already on land $23,000, demolition of the old building $32,000, ground-breaking ceremony (food and supplies) $2,100, land preparation and leveling $7,400. What is the total capitalized cost of the land? :
a) $729,500
b) $706,500
c) $731,500
d) $708,500