4 Vijay Inc. purchased a three-acre tract of land for a building site for $280,000. On the land was a building with an appraised value of $112,000. The company demolished the old building at a cost of $11,200, but was able to sell scrap from the building for $1,680. The cost of title insurance was $990 and attorney fees for reviewing the contract were $580. Property taxes paid were $3,200, of which $300 covered the period subsequent to the purchase date. The capitalized cost of the land is: s Multiple Choice $169,290. o $295,970. o $293,990. o $295,670