Maxwell Company purchased 2 square miles of farmland under the following terms: \(\$ 968,000\) cash; and liability assumed on mortgage note of \(\$ 320,000\) and interest accrued on mortgage note assumed, \(\$ 12,800\). The company paid \(\$ 67,200\) of legal and brokerage fees and also paid \(\$ 3,200\) for a title search on the property.

The company planned to use the land as a site for a new office building and a new factory. Maxwell paid clearing and leveling costs of \(\$ 28,800\). It sold crops on the land for \(\$ 7,360\) and sold one of the houses on the property for \(\$ 19,200\). The other buildings were torn down at a cost of \(\$ 14,400\); sale of salvaged materials yielded cash proceeds of \(\$ 13,600\). Approximately \(1 \%\) of the land acquired was deeded to the county for roads. The cost of excavating a basement for the office building amounted to \(\$ 9,120\).

Prepare a schedule showing the amount at which the land should be carried on Maxwell Company's books.