Vijay Inc. purchased a three-acre tract of land for a building site for $330,000. On the land was a building with an appraised value of $125,000. The company demolished the old building at a cost of $12,500, but was able to sell scrap from the building for $1,610. The cost of title insurance was $860 and attorney fees for reviewing the contract were $580. Property taxes paid were $3,400, of which $340 covered the period subsequent to the purchase date. The capitalized cost of the land is: Multiple Choice O $347,000. $347,340. O O $345,390. O $206,200