Vijay Inc. purchased a three-acre tract of land for a building site for $390,000. On the land was a building with an appraised value of $124,000. The company demolished the old building at a cost of $12,700, but was able to sell scrap from the building for $1,630. The cost of title insurance was $850 and attorney fees for reviewing the contract were $590. Property taxes paid were $3,200, of which $310 covered the period subsequent to the purchase date. The capitalized cost of the land is: