Determine the Cost of Land Village Delivery Company purchased a lot to construct a new warehouse for $332,000, paying $33,000 in cash and giving a short-term note for the remainder. Legal fees paid in connection with the purchase were $1,995, delinquent taxes assumed were $13,200, and fees paid to remove an old buiding from the land were $16,300. Materials salvaged from the demolition of the building were sold for $5,500. A contractor was paid $1,109,600 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet