Determine the cost of Land Village Delivery Company purchased a lot to construct a new warehouse for $267,000, paying $29,000 in cash and giving a short-term note for the remainder. Legal fees paid in connection with the purchase were $1,455, delinquent taxes assumed were $11,800, and fees paid to remove an old building from the land were $19,400. Materials salvaged from the demolition of the building were sold for $4,400. A contractor was paid $899,800 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet