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A company purchased a 3-acre tract of land for a building site for $380,000. The company demolished the old building at a cost of
A company purchased a 3-acre tract of land for a building site for $380,000. The company demolished the old building at a cost of $15,000, but was able to sell scrap from the building for $1,800. The cost of title transfer was $1,050 and attorney fees for reviewing the contract was $560. Property taxes paid were $4,500, of which $400 covered the period after the purchase date. The capitalized cost of the land is:
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