starr co. purchased a land and incurred the following expenses in relation to the acquisition: purchase cost: $400,000 surveying charges: $4,750 costs of demolishing a pre-existing building: $20,000 proceeds from building scrap sale: $6,500 land improvements: $2,000 delinquent taxes paid on behalf of the previous owner: $400 determine the amount to be capitalized in the books of starr as land.