Dale's business services purchased land in January of Year XXX1 at a cost of $350,000. His company paid sales tax and transfer document cost of $2,500. Further, the cost of removal of an old building (which was not in a usable condition) on that land was $10,000. In November of Year XXX3, an appraiser estimated the value of land to be $450,000. A similar lot of land in the same neighborhood sold for $500,000 in December of Year XXX2. At what value should Dale represent the land in the balance sheet to be prepared at the end of Year XXX3?