On March 1, K Company purchased for 4,500,000 a tract of land as factory site. An existing building on the property was razed and construction was begun on a new factory building in April. Additional data are available as follows: Cost of razing old building 300,000 Title insurance and legal fees to purchase land 200,000 Architect fee 950,000 New building construction cost 8,000,000  What is the cost of factory building?

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