Determining Cost of Land

On$-$Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $$42,000$ in cash and giving a short$-$term note for $$324,000.$ Legal fees paid were $$1,725,$ delinquent taxes assumed were $$15,400,$ and fees paid to remove an old building from the land were $$19,300.$ Materials salvaged from the demolition of the building were sold for $$5,500.$ A contractor was paid $$1,112,600$ to construct a new warehouse.

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