On September $27,2024,$ Mayer Incorporated purchased a $6\mathrm{.}5-$acre tract of land for a building site for $$490,000.$ On the land was a warehouse with an appraised value of $$115,000.$ Mayer demolished the old warehouse at a cost of $$11,500,$ but was able to sell scrap from the building for $$2,500.$ The cost of title insurance was $$1050$ and attorney fees for reviewing the contract were $$650.$ Property taxes paid were $$2,400,$ of which $$800$ covered the period after the purchase date.

What is the capitalized cost of the land? $[5$ points$]$