Determining cost of land

On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $31,000 in cash and giving a short-term note for $307,000. Legal fees paid were $2,325, delinquent taxes assumed were $15,400, and fees paid to remove an old building from the land were $16,500. Materials salvaged from the demolition of the building were sold for $5,100. A contractor was paid $1,027,500 to construct a new warehouse.

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