A company purchased a 3-acre tract of land for a building site for $400,000. The company demolished the old building at a cost of $17,000, but was able to sell scrap from the building for $2,000. The cost of title transfer was $1,150 and attorney fees for reviewing the contract was $600. Property taxes paid were $5,500, of which $500 covered the period after the purchase date. The capitalized cost of the land is: Multiple Choice $423,500. $423,250. $421,750. $288,250.