The Byers Structural Metal Company purchased a six-acre tract of land and an existing building for $400,000. The company plans to remove the old building and construct a new office building on the site. In addition to the purchase price, the company made the following expenditures at closing of the purchase: Title insurance $ 2,000 Commissions Property taxes 10,000 10,000* *The $10,000 in property taxes included $6,000 of delinquent taxes paid by Byers on behalf of the seller and $4,000 attributable to the portion of the current fiscal year after the purchase date. Shortly after closing, Byers paid a contractor $10,000 to tear down the old building and remove it from the site. An additional $5,000 was paid to grade the land. What is the cost of the land? $427,000 $422,000 $437,000 $433,000