5 A company purchased a 3-acre tract of land for a building site for $470,000. The company demolished the old building at a cost of $24.000, but was able to sell scrap from the building for $2.700. The cost of title transfer was $1,500 and attorney fees for reviewing the contract was $740. Property taxes paid were $9,000, of which $850 covered the period after the purchase date: The capitalized cost of the land is 02:57:32 Multiple Choice 5501600 0 5603790 5503.440 ME 5 Poppy Co uses a periodic Inventory system Beginning inventory on January 1 was understated by $31.900, and its ending Inventory on December 31 was understated by $16,100. In addition, a purchase of merchandise costing $20,700 was incorrectly recorded as a $2,070 purchase. None of these errors were discovered until the next year. As a result, Poppy's cost of goods sold for this year was 02:57:19 Multiple Choice Understated by 534430 Understated by 150.530 Overstated by 534430