A company purchased land on July 1, 2020 and completed construction of a new building on the property in 2021. Costs incurred and recovered amounts are as follows:

Architects fees for new building plans $ 13,000 Construction costs of new building 412,000 Demolition of an existing building to prepare the site 16,000 Land acquisition cost 280,000 Legal fees for title investigation of land 5,000 Property taxes on land (for period beginning July 1, 2020) 9,000 Delinquent property taxes from 2019 7,000 Interest on a construction loan 21,000 Sale of salvaged materials from demolition of old building 1,000 How much should the company capitalize for the cost of the LAND?