Determining cost of land

On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $34,000 in cash and giving a short-term note for $259,000. Legal fees paid were $2,260, delinquent taxes assumed were $11,800, and fees paid to remove an old building from the land were $20,100. Materials salvaged from the demolition of the building were sold for $4,400. A contractor was paid $890,700 to construct a new warehouse.

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