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Vijay Inc. purchased a three-acre tract of land for a building site for $350,000. On the land was a building with an appraised value of

Vijay Inc. purchased a three-acre tract of land for a building site for $350,000. On the land was a building with an appraised value of $118,000. The company demolished the old building at a cost of $11,700, but was able to sell scrap from the building for $1,610. The cost of title insurance was $810 and attorney fees for reviewing the contract were $540. Property taxes paid were $3,000, of which $350 covered the period subsequent to the purchase date. The capitalized cost of the land is:

a) $365,700.
b) $364,090.
c) $366,050.
d) $233,160.

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