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What should be reported as the cost of companys land

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Question 1: A company buys land with a building on it for $1 million. The building was valued at $200,000 but was immediately torn down to make way for a new office building. First, though, the land had to be graded at a cost of $80,000. The new building was constructed for $4 million. A parking lot was also built at that time for $160,000. What should be reported as the cost of this companys land?

Option 1: $960,000

Option 2: $1,040,000

Option 3: $1,080,000

Option 4: $880,000

Reference no: EM132583481

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