MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 15) Vijay Inc. purchased a three-acre tract of land for a building site for $320,000. On the 15_ 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: D) $336,150 A) $201,150. B) $334,650. C) $336,400