Determine the cost of Land Village Delivery Company purchased a lot to construct a new warehouse for $319,000, paying $27,000 in cash and giving a short-term note for the remainder. Legal fees paid in connection with the purchase were $1,370, delinquent taxes assumed were $13,100, and fees paid to remove an old building from the land were $21,500. Materials salvaged from the demolition of the building were sold for $5,200. A contractor was paid $1,051,800 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet. $