A company purchased a 3-acre tract of land for a building site for $470,000. The company demolished the old building at a cost of $24,000, but was able to sell scrap from the building for $2,700. The cost of title transfer was $1,500 and attorney fees for reviewing the contract was $740. Property taxes paid were $9,000, of which $850 covered the period after the purchase date. The capitalized cost of the land is: Multiple Choice $368,190. $501,690. $503,190 $503,440