32 ut of McCarthy Enterprises Inc. purchased land, paying $408000 cash as a down payment and signing a $50,000 note payable for the balance. McCarthy Enterprises Inc. also paid legal fees of $1,500, survey fees of $400, real estate commission of $8,000, and delinquent property taxes of $3,500. The company paid $25,000 to clear and grade the land, $8,000 to install fencing around the perimeter of the property, and $10,000 to pave an access road. Required: Calculate the cost of the land to be recorded under Property, Plant, and Equipment on McCarthy Enterprises Inc.'s balance sheet. Answer: