Vijay Inc. purchased a three-acre tract of land for a building site for $270,000. On the land was a building with an appraised value of $118,000. The company demolished the old building at a cost of $12,700, but was able to sell scrap from the building for $1,620. The cost of title insurance was $970 and attorney fees for reviewing the contract were $460. Property taxes paid were $3,400, of which $330 covered the period subsequent to the purchase date. The capitalized cost of the land is:

Multiple Choice

$287,530.

$285,580.

$287,200.

$153,300.