A company purchased a 3-acre tract of land for a building site for $520,000. The company demolished the old building at a cost of $29,000, but was able to sell scrap from the building for $3,200. The cost of title transfer was $1,750 and attorney fees for reviewing the contract was $840. Property taxes paid were $11,500, of which $1,100 covered the period after the purchase date. The capitalized cost of the land is:

• $560,540.

• $560,290.

• $558,790.

• $425,290.