Enabled Exam II Modules 3, 4 and 5 A company purchased a 3-acre tract of land for a building site for $460,000. The company demolished the old building at a cost of $23,000, but was able to sell scrap from the building for $2,600. The cost of title transfer was $1,450 and attorney fees for reviewing the contract was $720. Property taxes paid were $8,500, of which $800 covered the period after the purchase date. The capitalized cost of the land is