Rosenbaum Enterprises buys a warehouse for $500,000 to use for its East Coast distribution operations. On the date of the purchase, a professional appraisal shows a value of $550,000 for the warehouse. The seller had originally purchased the building for $475,000. Rosenbaum has a similar warehouse on the West Coast that has book value of $510,000. Under the historical cost principle, Rosenbaum should record the building for
A. $475,000
B. $500,000
C. $510,000
D. $550,000
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