HSK Company purchased a five-acre tract of land for a building site for P320,000. On the land was a building with an appraised value of P120,000. The company demolished the old building at a cost of P12,000, but was able to sell scrap from the building for P1,500. The cost of title insurance was P900 and attorney fees for reviewing the contract were P500. Property taxes paid were P3,000, of which P250 covered the period subsequent to the purchase date. The capitalized cost of the land is: