Abba Limited purchased an investment property on 1 January 2024 for N$500 000. It incurs the following costs upon purchase:

• transfer duty of N$50 000

• start-up costs of N$10 000, which were necessary to bring the property to the condition necessary for it to be used to earn rental income

• improvements to building totalling N$70 000

• repairs to damage caused by builders who were doing the improvements, of N$30 000.

The amount at which the building is initially measured is:

(Choose one correct option only)