Help So Vijay Inc. purchased a three-acre tract of land for a building site for $350,000. On the land was a building with an appraised value of $127,000. The company demolished the old building at a cost of $11,900, but was able to sell scrap from the building for $1,620. The cost of title insurance was $920 and attorney fees for reviewing the contract were $400. Property taxes paid were $3,100, of which $280 covered the period subsequent to the purchase date. The capitalized cost of the land is: 43 Multiple Choice O $224,200 $364420 $366 320 $366,040