Determining Cost of Land

On$-$Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $$39,000$ in cash and giving a short$-$term note for $$334,000.$ Legal fees paid were $$1,650,$ delinquent taxes assumed were $$10,400,$ and fees paid to remove an old building from the land were $$22,200.$ Materials salvaged from the demolition of the building were sold for $$5,600.$ A contractor was paid $$1,133,900$ to construct a new warehouse.

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