Company A purchased land as a factory site for $456,000. The process of tearing down two old buildings on the site and constructing the factory required 6 months. The company paid $48,000 to raze the old buildings and sold salvaged lumber and brick for $7,100. Legal fees of $2,100 were paid for title investigation and drawing the purchase contract. Company A paid $2,500 to an engineering firm for a land survey, and $77,520 for drawing the factory plans. A liability insurance premium paid during construction was $1,030, and title insurance on the property cost $1,700. The contractor's charge for construction was $3,123,000. The company paid the contractor in Julyvo installments: $1,368,000 at the end of 3 months and $1,755,000 upon completion. Interest costs of $193,800 were incurred to finance the construction and the entire amount was eligible for interest capitalization. Determine the cost of the land as it should be recorded on the books of Company A. Cost of land $