Determining Cost of Land

On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $41,000 and giving a short-term note for $295,000. Legal fees paid were $1,910, delinquent taxes assumed were $10,200, and fees paid to remove an old building from the land were $22,300. Materials salvaged from the demolition of the building were sold for $5,000. A contractor was paid $1,021,400 to construct a new warehouse.

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