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 $120,000.
The company demolished the old building at a cost of $12,000, but was able to sell scrap from the building for $1,500.
The cost of title insurance was $900 and attorney fees for reviewing the contract were $500.
Property taxes paid were $3,000, of which $250 covered the period subsequent to the purchase date.
The capitalized cost of the land is:
a. $336,400.
b. $336,150.
c. $334,650.
d. $201,150.
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