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Vijay Inc. purchased a three-acre tract of land for a building site for $320,000. 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 $320,000. On the land was a building with an appraised value of $130,000. The company demolished the old building at a cost of $11,900, but was able to sell scrap from the building for $1,640. The cost of title insurance was $980 and attorney fees for reviewing the contract were $480. Property taxes paid were $3,100, of which $320 covered the period subsequent to the purchase date. The capitalized cost of the land is:

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  • $191,300.

  • $336,460.

  • $334,500.

  • $336,140.

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