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 $282,000. Legal fees paid were $1,790, delinquent taxes assumed were $12,000, and fees paid to remove an old building from the land were $16,600. Materials salvaged from the demolition of the building were sold for $4,600. A contractor was paid $939,400 to construct a new warehouse.

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