Wisemans Winery Purchases Land for $200,000 Cash

Wisemans Winery purchases land for $200,000 cash. Wisemans Winery assumes $2,500 in rates and taxes due on the land. The title and legal fees totaled $2,750. Wisemans Winery has the land graded for $5,000 and fenced for $20,000. What amount does Wisemans Winery record as the cost for the land?

A) $200,000
B) $230,250
C) $210,250
D) $202,750