A company purchased a 3-acre tract of land for a building site for $370,000. The company demolished the old building at a cost of $14,000, but was able to sell scrap from the building for $1,700. The cost of title transfer was $1,000 and attorney fees for reviewing the contract was $540. Property taxes paid were $4,000, of which $350 covered the period after the purchase date. The capitalized cost of the land is: Multiple Choice $387,490. $253,990. $389,240. $388,990