A company purchased a three-acre tract of land for a building site for $250,000. On the land was a building with an appraised value of $119,000. The company demolished the old building at a cost of $12,300, but was able to sell scrap from the building for $1,650. The cost of title insurance was $910 and attorney fees for reviewing the contract were $460. Property taxes paid were $3,800, of which $240 covered the period subsequent to the purchase date. The capitalized cost of the land is:
Multiple Choice
A. $265,580.
B. $132,150.
C. $267,230.
D. $267,470.