Determining cost of land

On$-$Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $$42,000$ in cash and giving a short$-$term note for $$326,000.$ Legal fees paid were $$1,435,$ delinquent taxes assumed were $$11,700,$ and fees paid to remove an old building from the land were $$17,600.$ Materials salvaged from the demolition of the building were sold for $$5,500.$ A contractor was paid $$1,118,700$ to construct a new warehouse.

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