A company purchased a 3-acre tract of land for a building site for $450,000 The company demolished the old building at a cost of $22,000, but was able to sell scrap from the building for $2.500. The cost of title transfer was $1,400 and attorney fees for reviewing the contract was $700. Property taxes paid were $8,000, of which $750 covered the period after the purchase date. The capitalized cost of the land is