Jacobsen Corporation purchased a 3-acre tract of land for a building site for $550,000. The company demolished the old building at a cost of $32,000, but was able to sell scrap from the building for $3,500. The cost of title transfer was $1,900 and attorney fees for reviewing the contract was $900. Property taxes paid were $13,000, of which $1.250 covered the period after the purchase date. The capitalized cost of the land is: Multiple Choice $594 800 $459,550 $594 550 5593,050