Determining cost of land

On$-$Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $$60,000$ in cash and giving a short$-$term note for $$100,000.$ Legal fees paid were $$1,250,$ delinquent taxes assumed were $$10,000,$ and fees paid to remove an old building from the land were $$8,000.$ Materials salvaged from the demolition of the building were sold for $$1,500.$ A contractor was paid $$415,000$ to construct a new warehouse.

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