Vijay Inc. purchased a three-acre tract of land for a bulding site.. Vijay Inc. purchased a three acre tract of land for a building site for $400.000 On the land was a building with an appraised velue of $126.000 The compsny demolished the old buišng at a cost or $11500, but was able to sell scrap from the building for $1.610. The cost of title insurance was $950and amormey fees for reviewing the contrect were $580. Property taxes paid were $2.600, of which $170 covered the period subsequent to the purchase dete. The captalized cost of the land is

Multiple Choice

1. $413,850
2. $415.400
3. $445,630
4. $415,320

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