A company purchased a 3-acre tract of land for a building site for $510,000. The company demolished the old building at a cost of $28,000, but was able to sell scrap from the building for $3.100. The cost of title transfer was $1700 and attomey fees for reviewing the contract was $820. Property taxes paid were $11000, of which $1050 covered the period after the purchase date. The capitalized cost of the land is Multiple Choice $549:20 5 5413,870 $548 870 5547370 o