A company purchased a 3-acre tract of land for a building site for $530,000. The company demolished the old building at a cost of $30,000, but was able to sell scrap from the building for $3,300. The cost of title transfer was $1,800 and attorney fees for reviewing the contract was $860. Property taxes paid were $12,000, of which $1,150 covered the period after the purchase date. The capitalized cost of the land is: