Vijay Inc. purchased a three-acre tract of land for a building site for $350,000. On...
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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 appralsed value of $122,000. The company demolished the old bullding at a cost of $11,300, but was able to sell scrap from the building for $1,650. The cost of title Insurance was $880 and attorney fees for reviewing the contract were $540. Property taxes pald were $3,900, of whlch $310 covered the perlod subsequent to the purchase date. The capitalized cost of the land Is: O $229,190 O $366,620 O $364,660. O $366,310
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