Determining Cost of Land

Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $31,000 and giving a short-term note for $243,000. Legal fees paid were $1,840, delinquent taxes assumed were $12,600, and fees paid to remove an old building from the land were $19,000. Materials salvaged from the demolition of the building were sold for $4,100. A contractor was paid $833,000 to construct a new warehouse.

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