Vijay Inc. purchased a three-acre tract of land for a building site for $240,000. On the land was a building with an appraised value of $120,000. The company demolished the old building at a cost of $12,300, but was able to sell scrap from the building for $1,640. The cost of title insurance was $920 and attorney fees for reviewing the contract were $560. Property taxes paid were $2,700, of which $200 covered the period subsequent to the purchase date. The capitalized cost of the land is: rev: 01_27_2021_QC_CS-248398 Multiple Choice $121,120. $256,480. $254,640. $256,280.