Determine the Cost of Land Village Delivery Company purchased a lot to construct a new warehouse for $329,000, paying $31,000 in cash and giving a short-term note for the remainder. Legal fees paid in connection with the purchase were $1,960, delinquent taxes assumed were $10,700, and fees paid to remove an old building from the land were $16,400. Materials salvaged from the demolition of the building were sold for $5,400. A contractor was paid $1,094,400 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet. x