Vijay Inc. purchased a three-acre tract of land for a building site for $250,000. On the land was a building with an appraised value of $129,000. The company demolished the old building at a cost of $13,000, but was able to sell scrap from the building for $1,670. The cost of title insurance was $800 and attorney fees for reviewing the contract were $570. Property taxes paid were $3,500, of which $290 covered the period subsequent to the purchase date. The capitalized cost of the land is: