A company purchased a $500,000 tract of land that is intended to be the site of a new office complex. The company incurred additional costs and realized salvage proceeds as follows: Demolition of existing building on site Legal and other fees to close escrow Proceeds from sale of demolition scrap $75,000 15,000 10,000 What would be the capitalized cost of the land? Multiple Choice 5500,000 o 00 DO 911 FI F10 FE 12 FS 3) # $ % &