Determine the Cost of Land

Village Delivery Company purchased a lot to construct a new warehouse for $307,000, paying $41,000 in cash and giving a short-term note for the remainder. Legal fees paid in connection with the purchase were $1,895, delinquent taxes assumed were $11,500, and fees paid to remove an old building from the land were $19,900. Materials salvaged from the demolition of the building were sold for $5,200. A contractor was paid $1,057,900 to construct a new warehouse.

Determine the cost of the land to be reported on the balance sheet.