Atlantic Inc. purchased a three $-$acre tract of land for a building site for $$320,000.$ On the land was a building with an appraised value of $$120,000.$ The company demolished the old building at a cost of $$12,000,$ but was able to sell scrap from the building for $$1,500.$ The cost of title insurance was $$900$ and attorney fees for reviewing the contract were $$500.$ Property taxes paid were $$3,000,$ of which $$250$ covered the period subsequent to the purchase date. Calculate the capitalized cost of the land and show your work.