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Vijay Inc purchased a three-acre tract of land for a building site for 320,000. on...

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Accounting

Vijay Inc purchased a three-acre tract of land for a building site for 320,000. on the land was a building which the company demolished at a cost of 12,000, but they were able to sell scrap from the building for 1,500. The cost of title insurance was $900 and attorney fees for reiewing the contract were 500. Property taxes paid were 3,000 of which 250 covered the period subsequent to the purchase date. The capatalized cost of the land is a) 336,400 b) 336,150 c) 334,650 d) 201,150

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