Tiger Industrial Inc. purchased a 20 acre tract of land and two buildings (building #1 and

building #2) for $1,000,000. The market value of the land is $700,000 and the market

value of building #1 is $350,000. Building #2 was condemned and had no market value.

The company plans to raze Building #2 and construct a new building (Building #3) on the

site. In addition to the purchase price, the company made (received) the following

expenditures (income) in the fiscal year:

Title Insurance $ 3,000

Escrow fees 1,000

Current property taxes 2,000

Delinquent property taxes 4,000

Cost to remove Building #2 10,000

Proceeds from sale of Building #2 materials 1,000

Cost of grading land 5,000

Cost paid for new Building #3 100,000

What should be the capitalized cost of the land, Building #1, #2 & #3?