Determining cost of land

On$-$Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $$27,000$ in cash and giving a short$-$term note for $$331,000.$ Legal fees paid were $$1,395,$ delinquent taxes assumed were $$12,600,$ and fees paid to remove an old building from the land were $$17,800.$ Materials salvaged from the demolition of the building were sold for $$5,400.$ A contractor was paid $$1,088,300$ to construct a new warehouse.

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

fill in the blank $1$ of $1$$