Determining Cost of Land

On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $29,000 in cash and giving a short-term note for $299,000. Legal fees paid were $2,115, delinquent taxes assumed were $12,000, and fees paid to remove an old building from the land were $18,200. Materials salvaged from the demolition of the building were sold for $4,900. A contractor was paid $997,100 to construct a new warehouse.

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